‘Sandy storm damage could hit $50 bn’

Eqecat said it had revised its estimates for the storm,which plowed into the US Atlantic coastline at heavily populated New Jersey on Monday,because of the extensive losses from power and other utilities,which it said were much greater than those for most category one hurricanes.

It also cited the extended shutdowns of subways and road tunnels in the New York-New Jersey area due to flooding,and expectations that there are many more losses yet unknown.

The storm devastated the New Jersey coastline and shut down New York City on Monday and Tuesday,leaving some 70 dead in the US; along the entire storm path from the Caribbean to Canada,at least 144 people were killed.