The economic wreckage from Hurricane Sandy will likely total more than $20 billion, according to a research outfit quoted in Bloomberg this morning. Kinetic Analysis Corp.’s Charles Watson told the outlet that the majority of that cost will fall on cities and states as they rebuild damaged infrastructure.
Those figures will surely evolve as authorities get a better handle on the extent of the storm’s toll. But to put the losses in some perspective, Hurricane Katrina left behind nearly $100 billion in total property damage. The nine other most destructive hurricanes in U.S. history each left behind between $9 billion and $30 billion in destruction.