Sandy's economic costs could run to $20 bln

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Sandy's economic costs could run to $20 bln

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The economic cost of Sandy is predicted to run to 20 billion dollars (15 billion euros), according to Eqecat, a consultancy that provides loss estimates to the insurance industry.

The wind, rain and snow has caused direct damage to homes, businesses and other property.

Yet economic forecasters say the storm will have little impact on the US economy in the long run.

They argue that the wealth wiped out by the weather will be offset by the uptick that follows rebuilding efforts.

Dr Nayantara Hensel, professor of industry and business at National Defence University, said that the first negative data would be “lost output and airline cancellations.”

“Then more and more we are going to start seeing trickling into the economic data the benefits of reconstruction.”

The storm also shut Wall Street’s normally-buzzing trading floors on Monday and Tuesday.

It was the financial district’s first two-day shutdown since the Great Blizzard of 1888.

Wall Street will be back in business later on Wednesday.