Bloomberg: $19B in public, private Sandy losses - Fox 2 News Headlines

Bloomberg: $19B in public, private Sandy losses

Posted: Updated:
The homes along this Midland Beach neighborhood have piles of trash and belongings placed outside. (Nov. 2012) The homes along this Midland Beach neighborhood have piles of trash and belongings placed outside. (Nov. 2012)

NEW YORK (AP) - Mayor Michael Bloomberg estimates Superstorm Sandy caused a whopping $19 billion in losses in New York City. He's asking federal lawmakers to put up nearly $10 billion to reimburse both government agencies and private businesses.

The mayor's request Monday would come on top of a projected $5.4 billion from the Federal Emergency Management Agency.

Bloomberg says that money, and private insurance, won't cover all the public and private expenses from the storm. They could range from rebuilding roads to reimbursing a restaurant for lost business while power was out.

States typically get 75% FEMA reimbursement for disaster recovery. Congress sometimes authorizes additional aid.

The request comes as Congress and the White House face a Dec. 31 deadline to craft a sweeping deficit-reduction plan and avoid the so-called "fiscal cliff."

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow

WJBK-TV | Fox 2
16550 West Nine Mile Rd.
Southfield, MI 48075

Main Station: (248) 557-2000
Newsroom: (248) 552-5103

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices