Advertisement
 
Wednesday, December 07, 2016
Amsterdam, NY ,

 

Advertisement

Authority says Sandy caused $2B in damage

Thursday, February 07, 2013 - Updated: 5:29 PM

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.

     

Comments made about this article - 0 Total

Comment on this article

Advertisement
Subscribe to The Recorder

 

The Recorder Sports Schedule

Most Popular

    'Beasts' star Redmayne discusses his role, career
    Thursday, December 01, 2016

    Joseph M. Lemanski
    Thursday, December 01, 2016

    Alexandria "Alex" Carter
    Thursday, December 01, 2016

    Fedullo, Pritchard lead AHS past Nisky, 53-34
    Thursday, December 01, 2016

    Donald Gary Desorbo (Don)
    Friday, December 02, 2016

    Percy E. Tallmadge
    Thursday, December 01, 2016

    Lady Rams show promise both on and off the court
    Friday, December 02, 2016

    B-P fundraiser to aid other countries get drinking water
    Thursday, December 01, 2016

    Amsterdam drops 60-50 decision to Green Tech
    Saturday, December 03, 2016

    David Edward Hughes
    Saturday, December 03, 2016

Advertisement

Copyright © McClary Media, Inc.

Privacy Policies: The Recorder

Contact Us

Twitter

Instagram

Facebook