Authority says Sandy caused $2B in damage

NEW YORK (AP) -- The Port Authority of New York and New Jersey will spend more than $2 billion to repair damage from Superstorm Sandy, but the agency's executive director said Wednesday that the ultimate financial impact should be minimal.

At its monthly board meeting, executive director Patrick Foye said insurance policies held by the Port Authority combined with expected reimbursements from various federal agencies, including the Federal Transit Administration and the Federal Emergency Management Agency, should significantly mitigate the cleanup costs.

"We expect that after insurance, self-insurance, FTA and FEMA funding, the Port Authority will recover the overwhelming majority of the cost with little to no financial impact on the Port Authority," Foye said.

The Port Authority Trans-Hudson rail system received the brunt of the damage, with costs associated with the storm exceeding $800 million. Stations on both sides of the Hudson River were closed for weeks.