Topic > Hurricane Sandy: Economic Disaster - 1330

In America, if you ask about Hurricane Sandy, the first thought that comes to mind is the cost behind it and the destruction that is caused in New York and New Jersey by Sandy. It is the second costliest hurricane in US history. Even though Superstorm Sandy hit the East Coast, it still impacts the entire nation. For example, our economy was greatly impacted by Sandy. This deadly and destructive storm has made the lives of thousands of people very difficult. Additionally, the superstorm caused many small businesses in the tri-state area to close. On the other hand, it has caused large companies like Home Depot to show some profits. According to Home Depot's chief financial officer, the chain generated $242 million in revenue from “stormy sales” alone (Maxfield, John). It far exceeded the $130 million earned following Hurricane Irene in 2011. Small businesses were already struggling, but the biggest fear came from the loss of electricity. Dairy products and other frozen food products were contaminated and were not salable to customers. Furthermore, once the hurricane was over and the owner requested insurance for the damaged products, the return was not expected to be so low. The electric and gas company, although giving credit for the days without service, did not cover the damage caused. Many businesses wouldn't get back on their feet if help didn't come from the US Small Business Association (SBA). The SBA has approved more than $2.3 billion to businesses in Sandy-impacted areas (Shoraka, John). SBA Resource Partners helped donate $19 million in grants. The Hurricane Sandy Reconstruction Task Force and the SBA actually held their first meeting ever… middle of paper… in New York Harbor, connecting New Jersey. It will keep high water out of New York and parts of New Jersey during the storm. However, according to a city government report (Lott, Maxim), this will involve $20 billion or more. Finally, Hurricane Sandy caused billions of dollars in damage and the economy is still affecting the nation. Sandy's destruction forced business owners to close their doors where they had spent much of their lives working. It is very sad to lose a business in a few days. Additionally, Hurricane Sandy has made companies very controversial from a sales perspective. As mentioned above, some businesses were experiencing a major boom, while others were hit hard and forced to close. Sandy is still having an impact today as some agency members are still reviewing loan applications and families and businesses are recovering.