DiNapoli Estimates $18 Billion in Hurricane Sandy Damage

New York State comptroller Thomas DiNapoli Friday projected the economic damage from Hurricane Sandy could exceed $18 billion for New York state.

The comptroller is projecting that tax revenue collections for the state, which are already $436 million below initial projections, will be affected in the short term. DiNapoli will issue his early outlook for the upcoming state fiscal year this week.

DiNapoli’s estimate of $15-18 billion is based on initial assessments in relation to previous natural disasters. Economic losses include disruption to daily business and the loss of property and wealth, some of which may not be included in other estimates.

Preliminary estimates of the fiscal impact of Hurricane Sandy are speculative, DiNapoli said, as there are many unresolved economic variables, from the duration of power outages to the effects of flooding on infrastructure and the environment.