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$7.8 Billion

June 12, 2015

Hurricane Sandy cost New Jersey residents an estimated $7.8 billion, according to a report from Rutgers University. This number includes insurance-assessed damages to houses and other residences ($5.9 billion) and lost income ($1.4 billion), as well as $532 million in damage to personal vehicles. Private insurance has since paid out $2 billion; flood insurance, $3.3 billion.

New Jersey’s business sector suffered $3.56 billion in damages, as calculated using insurance assessments and loss of sales. As of 2013, $1.1 billion in private insurance had been paid out to businesses; $186 million in loans were also issued by the Small Business Administration.

New Jersey’s municipalities suffered $2.2 billion in damages, calculated by combining the damage to public and community buildings with emergency expenses and loss of tax revenue. A whopping $23.5 billion went to hazard mitigation. A total of $262 million dollars in Community Disaster Loans have been allocated to 81 percent of New Jersey municipalities by FEMA.

According to the report, the remaining unmet need in New Jersey is $28.4 billion.

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