'template' : 'story_simple' , })(); return true; mps._debug('[MPS]: email address detected in url, bypass gpt. mps._queue.adload = mps._queue.adload || []; The new European data protection law requires us to inform you of the following before you use our website: We use cookies and other technologies to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests.   This figure has been adjusted for inflation. Another assumption is that reconstruction spending will take four years to complete. All Rights Reserved. Add to that the gains from more a more modern and productive capital stock-likely in the range of $10 billion-and consumer and business spending that is only delayed but not permanently lost-likely in the range of $12 billion-and the total effects of natural disasters of the scale of Sandy are not as devastating two years down the road. During the disaster and in its immediate aftermath, economic activity will likely be depressed below what it otherwise would have been, and it takes time to repair and replace damaged physical assets. All of this is not to discount the direct costs to individuals by temporary, and in some cases permanent, disruption to lives and communities, much of which cannot be quantified. How quickly the capital stock, especially New York and New Jersey's transportation infrastructure, is repaired could affect how quickly the regional economy bounces back. Professor, Smith School of Business, University of Maryland. People will get back to work and economic activity should start to rebound fairly quickly in the areas that Sandy hit hard. s.src = "https://fm.cnbc.com/applications/cnbc.com/resources/files/2020/03/28/VisitorAPI.js"; 'cag[template]' : 'story_simple' , A collection of moments during and after Barack Obama's presidency. 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However, coming so soon after Irene in August 2011, the level of anticipation and preparedness demonstrated by federal and state officials is commendable and should mitigate some losses-especially loss of life. mps.scodePath="//fm.cnbc.com/applications/cnbc.com/staticcontent/scripts/omniture/s_code.js?v=1.6.4.1"; Press & Media. Hurricane/ Post-Tropical Storm Sandy struck the New Jersey coast on October 29, 2012, inflicting billions of dollars of damage.