Sandy left 50 bn hole in US pocket

Losses from the storm could total 30 billion to 50 billion,according to Eqecat,which tracks hurricanes and analyses the damage they cause. On Monday,before the storm hit the East Coast,the firm estimated 10 bn to 20 bn in total economic damages.

The flooding of New Yorks subways and roadway tunnels and the extensive loss of business as a result of utility failures across the region were behind the sharp increase in the estimate,the firm said.

The geographic scope of the storm was unprecedented,and the impacts on individuals and on commerce are far larger, said Tom Larsen,Eqecats senior vice president and product architect. Lost power is going to contribute to higher insurance losses.

While the stock market,banks and other financial institutions regained some of their stride on Thursday,other sectors like retailing,and transportation face a much longer and more difficult recovery. With fuel in short supply in many areas and utilities warning that power may not be back for a week or more in some areas,businesses found themselves preparing for the equivalent of a long siege.

Hurricane Sandy will rank high among disasters in terms of economic impact but will not be at the top of the list,said Mark Zandi of Moodys Analytics. Moodys Analytics also put the impact in the 50 billion range,with about 12 billion in losses falling in the New York City metropolitan area.

About 20 billion of that total is from lost economic activity like meals not served in restaurants,cancelled flights,Zandi estimated. The rest,about 30 billion,will be from property destruction,Zandi said.