NEW YORK AND NEW JERSEY WAKE UP TO CATASTROPHIC STORM DAMAGE

Tuesday, October 30, 2012
By Paul Martin

Joe Weisenthal, Gus Lubin and Adam Taylor
BusinessInsider.com
Oct. 30, 2012

The Northeast is beginning to pick up the pieces of Hurricane Sandy, which raced through the area on Monday night, causing millions of customers to lose power, historic flooding and fires.
As of Tuesday morning, much of the water has receded, but there are risks of further high tides to come today, and the ongoing damage is going to be enormous.

The damage from the powerful storm has been immense. A construction crane collapsed in Manhattan, seaside communities were flooded.
But that’s just the start. .
Over 7 million across the East Coast are without power. Some estimates for property damage alone are as high as $15 billion — estimates for total economic damage are reaching $45 billion.
Worryingly, there are already a number of reports of deaths.

New York City has evacuated coastal areas; shut down the MTA; canceled school for Monday and Tuesday; closed the Holland Tunnel and Brooklyn Battery Tunnel as well as half a dozen bridges around New York City. NYU Hospital has had its power go out and patients are being evacuated. The stock market is closed. The MTA has said this is the worst damage it has seen in its history.

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