How will Sandy impact the US economy?
Peter Johnson, Jr. weighs in
- Duration 4:26
- Date Oct 31, 2012
Peter Johnson, Jr. weighs in
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The widespread devastation of hurricane now super -- sandy already enough to make -- one of the most expensive storms ever to hit the United States look at these numbers.
The initial estimates expect the damage to exceed at least twenty billion dollar so what kind of effect will that.
He's cause destruction have on the national economy Peter Johnson junior joins -- Peter -- you think.
I'm afraid if you have a more devastating effect than any of the numbers and we're talking about and and I hate giving that.
Bad news should talk about twentieth thirty billion dollars in terms of property damage another thirty billion dollars -- -- to -- business.
But we're not taking account is the devastation to the infrastructure.
Of the new York city New Jersey metropolitan area which is really unprecedented.
It doesn't do limit the word.
Say -- -- what other people -- suffered when you suffer something like this it's really terrible.
But when you have the subway systems we have metro north when you -- -- on the railroad we have certain Amtrak tracks deeply affected.
And we don't know how long they're going to be back on track.
-- powers out from thirty ninth street in Manhattan to the tip of Manhattan and it affects the financial district.
But for the stock exchange for example our business is out.
This week on downtown -- -- law firm is out so we're working on people's emails and texts and try to service -- clients but that's what.
Thousands of businesses are facing the net and.
And it's kinda like post 9/11 a lot of of respect.
The infrastructure is not really insured.
So how do we pay for that we pay for that with higher deficits higher taxes.
Higher fares more in -- -- in terms of bond.
A debt where we -- now we have to fix this.
And so it's a very devastating.
And continually devastating affect on our economy and there's one prediction.
That the GDP for this quarter which went up to 2%.
For the last quarter and you know that well -- May dip -- point five point six as a result of what's affected.
-- the northeast so it's if it's a devastating.
Hit and it's affecting a lot of people here in New York in ways that they never thought in New Jersey and Connecticut.
And all the Atlantic coastal states in ways that they never thought they would be effective.
-- -- look at the estimated insured losses a former storms Katrina which was.
They're deemed to be the biggest disaster in recent time in 2005 that was 46 point six billion Andrew.
-- back in 9222.
Point nine billion I'm not sure that's adjusted for current dollars.
Point one billion Wilma Charlie you know -- setter and then you have -- down their estimated I think that's.
I'm not sure that's exactly accurate -- the the estimation now is twenty billion but how do we even know what it would.
Think it's high but -- let me jump on this -- will we go this is really important if you've suffered a loss.
Get your insurance company right away you may be first facing -- hurricane deductible.
Or straight deductible sometimes a hurricane deductible based in the category the hurricane.
Is one to 5%.
Of your actual loss document what's happened already if he needed to temporary repairs do -- don't do permanent repairs.
Can -- with the adjusters if you need a public adjuster.
Do -- fight hard for your dollars the insurance companies want to pay.
What's fair they really played a lot of it's not really a hurricane because remember they deemed it not -- hurricane when it came into New Jersey New York Connecticut Pennsylvania Massachusetts there was litigation infantryman and a lot of other issues and -- it's a flood.
Unless you -- part of the NF five.
You won't have coverage if you have comprehensive coverage on the automobile and it's wrecked by a tree.
Or by water damage you probably do have coverage so look hard your coverage.
Yet year broker.
Get out quickly meet with -- justice who will be in the area.
But -- on it now document.
Do you need do good to be safe in a lot of policies if you need to get out of your home they will pay.
For hotels -- motels.
To make sure that you and your family.
Are safe so devastating hit for a lot of us here.
And our prayers -- with everybody here and that have suffered.
But this will be something that we need to talk about going for it and how we stop this.
In the future help power went out in lower Manhattan.
That's a question that I'm sure there will be investigations about nuclear regulatory thank you Peter thanks good to see guys.