Hurricane Sandy is causing disruptions for companies, travelers and consumers. But for the overall economy, damage from Hurricane Sandy will likely be limited. Economists estimate the damage will cost between $10 billion and $20 billion.
Gauging hurricane Sandy's ultimate impact on the US economy is far more complex than merely adding up insurance payouts and uninsured losses. Disasters can give the ailing construction sector a boost, and unleash smart reinvestment that improves stricken areas.
The best response to natural events like hurricane Sandy lies in a community preparing its political, civic, and even cultural attitudes. Each disaster, such as Katrina, teaches new lessons. What can America's mid-Atlantic region learn from Sandy?
Some Republicans, such as New Jersey Gov. Chris Christie, have praised Obama's response to the hybrid superstorm, but former FEMA chief Michael Brown, who coordinated the federal response to Hurricane Katrina, say that the White House has acted too quickly.
Hurricane Sandy already has surpassed hurricane Lili in 1996 as the second largest Atlantic storm in 24 years of storm-size recordkeeping. The size of the storm and its path are intensifying deep concerns about coastal flooding from storm surge.