Economic Impacts Of Hurricane Sandy
Join 1000's of Authors at StreetArticles Today!

Economic Impacts Of Hurricane Sandy

Several months after Hurricane Sandy, it is evident that it had widespread effects on New Jersey, based of the fact that lives of people changed in various ways. Besides individual losses, state and local governments equally had a bitter share of these effects, which were described as harsh. Even though there have been efforts to rebuild the affected parts, New Jersey will forever feel the effects of the Hurricane. It is sad to note that thousands of people lost their employment, as businesses were reduced to rubble.Additionally, public facilities like schools and hospitals were destroyed, causing major economic impact. Due to the loss of employment and affected businesses, New Jersey registered a decline in overall taxes. However, the situation is likely to normalize if the process of rebuilding it succeeds.

Firstly, Hurricane Sandy led to capital stock losses, resulting from destroyed infrastructure, businesses, houses and several public amenities. This damage was largely caused by raging wind and floods that wept across towns. In most causes, roads were left impassable as power cables were disconnected, leading massive losses. While priceless property was destroyed, families also lost their loved on

es. Over 400,000 jobs were claimed by November, following the effects of the hurricane (Ro, par. 5). The growth in economy also dropped by 0.7% as economic pillars remained paralyzed.

Furthermore, several economic activities stalled as a result of the devastating hurricane. Prior to the hurricane, the public was warned, leading to the closure of schools, hospitals, and shopping as people dreaded for the tragedy that was being predicted by the meteorological department. New York and New Jersey got disconnected as the transport infrastructure was damaged. New Jersey also recorded a drop in overall sales in October since most of the businesses in the state were closed down. Citizens also earned low incomes because most of the businesses and companies operated for fewer hours. These activities equally affected the national output since of the economic activities in New Jersey had stalled. Close to $10 billion was lost per day after the NYSE was closed down.

As a result of the hurricane, there was increased financial expenditure that was never predicted. The hurricane saw new opportunities emerge especially in the construction industry as there was need to rebuild New Jersey (Walter, par. 5). Due to the high demand of housing for the victims, the sector was boosted and new technology employed. Up to $20 billion was realized as a result of the reconstruction efforts. There was also high demand for insurance of new buildings and businesses against related unforeseen crises. Better restaurants were also constructed, accommodate more tourists as the public felt the pain of consumer spending necessitated by the reconstruction process.

It is clear that Hurricane Sandy had massive negative effects on New Jersey and the nation at large. The local and national economies were affected as businesses and various economic activities remained paralyzed. The closure if the NYSE had severe losses as at least $20 billion was lost in 48 hours. Destruction of public facilities like schools and hospitals also affected the State’s economic activities (Feinberg 51). Reconstruction of the State also had impact, as opportunities in the sector were created. It is worth noting that the rebuilding process also led to improved approaches in housing and also enhanced economic growth. Nonetheless, the financial support from the Federal Emergency Management Agency (FEMA) played a major role.

Get more help at Essays Experts.


Street Talk

No comments present
You May Also Like
Sources to Search the Best Literature For Writing A Thesis
There are many scholastically satisfactory sites, most connected to colleges and different foundations. This is a rundown of the most well known in different controls from therapeutic science to English writing. Connections to a portion of the destinations are at the end of the article. Jstor: Jstor has a tremendous…
By: Kim Sanchez in  Reference and Education  >  College University   Jun 07, 2016  
3
  Likes: 0

Crucial Points to Consider While Taking Australian Assignment Help
Undoubtedly college assignments are something that can make any student feel dreadful. You can hardly find a student who says I love doing strenuous assignments. While scholars were going through the extensive pressure and struggling with the overburden of writing tasks. Some companies were at work to find out the…
By: Henry Wilson in  Reference and Education  >  College University   May 20, 2016  
5
  Likes: 3

How to Choose Good Management Dissertation Topics?
Simply put, a good management dissertation topic can be selected by being careful about the expectations of all the parties concerned, including your proposed employer. You can not write a dissertation without considering your prospective readers, reviewers, faculty, and all the other members of your university’s dissertation committee. These are…
By: Olivia James in  Reference and Education  >  College University   May 18, 2016  
0
  Likes: 0

Enjoy Your Life To The Fullest With College Homework Help
It again is that time of the scholars’ year when a great number of students are graduating from their high-schools. Most of them must have even written their admission essays, and now it is just the waiting for acceptance letters that has kept them stick to the ground. And when…
By: Olivia James in  Reference and Education  >  College University   May 17, 2016  
0
  Likes: 0

3 Quick Steps for Assignment Writing
Has the tendency of procrastination finally got you and the submission deadline is glaring right in your face? Or you simply want to complete the dreaded assignment so that you can go out on the weekend beach party with an unrestrained head. In either of the cases, it is clear…
By: Filipe Mark in  Reference and Education  >  College University   May 03, 2016  
0
  Likes: 0

Study Abroad Consultants Delhi for Admission In Top German And Canadian Universities
Your last semester is about to end soon and till now you might have made up your mind which course you are going to opt for next one. You might have picked the best colleges in India as well that offer these courses. But have you considered studying abroad also?…
By: Edusky in  Reference and Education  >  College University   May 02, 2016  
0
  Likes: 0

Digital Media Marketing Is Your Way Enroute to Success
The internet has been the most fundamental change during this age and for hundreds of years. As the digital marketing landscape continues to grow at a rapid pace, marketers are faced with new challenges and opportunities within this digital age. Virtual Voyage has designed this Digital Marketing Course to educate…
By: vvseo001 in  Reference and Education  >  College University   Apr 28, 2016  
0
  Likes: 0

Clemson University Vs Furman University
1. What I knew Being in the middle of high school, I am thinking about my future more than ever now. I have made mostly A’s and B’s all of my life, so I will probably have the chance to go to a good college if I choose to do…
By: Michael64 in  Reference and Education  >  College University   Apr 29, 2016  
0
  Likes: 0

Amazing Tools That Can Enhance Students’ Education A Great Deal
There is no point of denying this attribute that student of this modern era needs innovation in their studies all the time. Therefore, with the passage of time there have been different kinds of amazing tools developed through which students could attain best possible outcomes quite easily. This is an…
By: johnalica in  Reference and Education  >  College University   Apr 27, 2016  
0
  Likes: 0

Global Digital Illustration Contests You Should Join In 2016
Set up your name in the global art scene! Boost your skills by enrolling at CIIT’s digital illustration course then take part in any of this year’s upcoming art contests. 1. Cheltenham Illustration Awards 2016 Using the theme “Tales of Nonsense,” artists need to come up with a visual storytelling…
By: CIIT in  Reference and Education  >  College University   Apr 27, 2016  
1
  Likes: 0

5 Quirky Time Management Tips for Students
In a recent study conducted on the colleges in Australia, it has been observed that a high percentage of students are facing problem with Time-management. The ceaseless shower of homework assignments, unending seminars, copious workshop sessions and other co-curricular activities leave them with no time to breathe. The situations worsen…
By: Filipe Mark in  Reference and Education  >  College University   Apr 18, 2016  
0
  Likes: 0

Why India is A Perfect Place for Ayurveda Training?
Ayurveda is a centuries old healing system developed in India by sages. Natural herbs, exercise and change in nutritional habits help in healing the body from diseases. Ayurveda consists of massage, yoga, meditation and using of herbal medicines for treatment. As allopathy cause side effects and costly, people are coming…
By: catherinewalsh in  Reference and Education  >  College University   Apr 06, 2016  
0
  Likes: 0

Eight Software Engineering Skills With the Highest Salaries
Are you planning to enroll in a software engineering (SE) course in the Philippines? Read on and discover the top eight skills that can give you the biggest pay as published on BusinessInsider(dot)com. 1. Platform as a Service (PaaS) – $130,081 Cloud and PaaS providers use this cloud-computing model to…
By: CIIT in  Reference and Education  >  College University   Apr 01, 2016  
0
  Likes: 0

Thirteen Popular Game Genres People Play on Mobile
Today’s advancement in mobile game development has brought a wide range of mind-blowing games to play. There are various sectors in which games fall. Discover the most popular mobile game genres below: 1. Action Action games such as Into the Dead and Half-Life 2 are great ways to test your…
By: CIIT in  Reference and Education  >  College University   Apr 01, 2016  
0
  Likes: 0

Dissertation Writing Service & Assistance
The cheap dissertation writing service is the most important component of the PhD education and it requires a lot of effort and attention. The writing and research comprise of the most essential elements. All the process is the meticulous process and is time consuming. Many students fail because they try…
By: Niculas Dutch in  Reference and Education  >  College University   Mar 29, 2016  
1
  Likes: 0

Article Views: 628    Report this Article