New estimate for economic damage from storm: $50B

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(AP) – The total economic damage from Superstorm Sandy could run as high as $50 billion, according to new estimates from the forecasting firm Eqecat. The new numbers are more than double the firm’s previous estimate.

Eqecat said Thursday that its new estimate for economic losses is between $30 billion and $50 billion. The cost to insurance companies could run from $10 billion to $20 billion.

Widespread electric outages will likely push the costs higher than in a typical Category 1 storm, Eqecat said. The lack of subway service in New York City and blocked roadways also led the firm to raise its damage estimate.

Before the storm hit, Eqecat estimated that the total economic losses could range as high as $20 billion and that insured losses could reach $10 billion.

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