New York City is seeking $9.8 billion in federal funds to clean up after the superstore Sandy, according to a letter Mayor Michael Bloomberg sent to the New York State Congressional Delegation on Monday.
“We estimate total public and private losses to New York City from Sandy to be $19 billion. After subtracting private insurance of $3.8 billion and FEMA reimbursement of $5.4 billion, the net cost to repair the damage caused by Hurricane Sandy will be approximately $9.8 billion,” Bloomberg wrote. “This assumes a FEMA reimbursement rate of 75 percent of covered costs and necessary Congressional appropriations. Federal legislative action will be required to address the budget gap that will result once available FEMA funds and insurance proceeds are drawn down. This funding will be needed to address the significant local expenses that have been and will be incurred, including costs that are ineligible under FEMA such as hazard mitigation, long-term housing solutions, and shoreline restoration and protection.”
Read Bloomberg’s full letter here.
