In the wake of Hurricane Sandy, families and local shops are trying to resume business as usual. But with no power or transportation, that's a task more easily considered than done.
Economists have been estimating that Sandy could cost the U.S. economy as much as $20 billion in damages and possibly another $30 billion in lost business. Moody's estimates a loss of $30 billion to $50 billion.
More than 14,000 flights have been canceled since Sandy, hurting airlines such as JetBlue (JBLU), Delta (DAL) and United (UAL). Some are estimating that insurers will have to take losses, since there were 284,000 homes -- or $88 billion -- in the way of Sandy. Large power refineries were shut down because of the storm, which could make gas scarce in the coming months. The auto industry could also struggle as a result of Sandy; GM (GM) and Ford (F) estimated that they will lose sales in the Northeast.
The area of the U.S. hit by Hurricane Sandy creates $10 billion in GDP a day. The Daily Ticker wentRead More »from Local Businesses Reopen After Hurricane Sandy Destruction