Hurricane Sandy: Economic Disaster

1330 Words6 Pages
In America, if asked about Hurricane Sandy, first thought that comes up in one’s mind is the cost behind it and the destruction that is done in New York and New Jersey by Sandy. It is the second most expensive hurricane in the history of United States. Although the super storm Sandy hit the east coast, it still has an impact on the nation as a whole. For example, our economy was greatly affected by Sandy. This deadly and destructive storm has made a living for thousands of people very strenuous. Also, the super storm has caused many small businesses to shut down in the tri-state area. On the other hand, it has caused to show some profits for large business like Home Depot. According to Home Depot’s chief financial officer, the chain generated $242 million in revenue from “storm sales” alone (Maxfield, John). It has far exceeded the $130 million that it earned in the aftermath of 2011’s Hurricane Irene.
Small businesses were already in trouble, but the hardest fear came from losing the electricity. Dairy and other frozen foods products were contaminated and were not sellable to the customers. Also, after the hurricane ended and the owner claimed the insurance for the damaged products, the return was not expected to be that low. Although the gas and electric company gave credit for the days without the service, it did not cover the damages done. Many businesses would still not be up on their feet if the help didn’t come from the US Small Business Association (SBA). SBA approved more than $2.3 billion to businesses in the areas affected by Sandy (Shoraka, John). SBA’s resource partners helped in giving $19 million in grant funding. Hurricane Sandy rebuilding task force and SBA actually held its first ever meeting a...

... middle of paper ...

...the New York harbor, connecting New Jersey. It will keep high water out of New York and parts of New Jersey during storm. However, this will involve $20 billion or more according to a city government report (Lott, Maxim).
Finally, Hurricane Sandy has caused billions of dollars worth of damage and the economy is still affecting the nation. Destruction done by Sandy has made business owners to close down their doors, where they spent most of their life working. It is very sad to lose a business in just days. Furthermore, Hurricane Sandy has made businesses very controversial when it comes to the sales point of view. As mentioned earlier, some businesses were in a great boom, while others were hard hit and forced to shut down. Sandy still has an impact today as some of the agency is still reviewing the loan application and families and businesses recovering.

More about Hurricane Sandy: Economic Disaster

Open Document