Bloomberg Says $19B in Public, Private Sandy Losses
Monday, November 26, 2012
Mayor Michael Bloomberg estimates Sandy caused a whopping $19 billion in losses in New York City. He's asking federal lawmakers to put up nearly $10 billion to reimburse both government agencies and private businesses.
The mayor's request Monday would come on top of a projected $5.4 billion from the Federal Emergency Management Agency.
Bloomberg says that money, and private insurance, won't cover all the public and private expenses from the storm. They could range from rebuilding roads to reimbursing a restaurant for lost business while power was out.
States typically get 75 percent FEMA reimbursement for disaster recovery. Congress sometimes authorizes additional aid.
The request comes as Congress and the White House face a Dec. 31 deadline to craft a sweeping deficit-reduction plan and avoid the so-called "fiscal cliff."