Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Sandy's Costs Still Lag Hurricane Katrina

Details

  • Description

    FBN's Liz MacDonald on the rising costs of Hurricane Sandy and who will pay for it.

  • Duration 2:15
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

-- the costs of hurricane -- keep adding men and their huge now so now the question is who's gonna pay for the storm.

The federal government or local taxpayers like well -- -- does Madonna zero.

Mac's bottom line -- do they even know the final number.

-- -- -- you guys they don't know the final number yen fact governor.

Andrew Cuomo of New York is wading into this debate he's saying right now the costs for New York State -- -- 41 billion dollars nineteen billion bucks -- New York City alone there.

The thirty billion or -- what is being incurred to date.

By the state of New Jersey and he's saying look when -- -- seven data could surpass the costs of Hurricane Katrina.

Which stood at about a 110 billion dollars -- -- is something when you look at the numbers.

Basically the power outages in the region from hurricane sandy -- about two times more power outages.

Vs what we saw -- Hurricane Katrina.

When it comes the number of homes destroyed 50% more homes destroyed and hurricane sandy -- Hurricane Katrina.

Hurricane -- treated did claim more lives 1866.

People were killed.

By Hurricane Katrina person to date a 135 deaths in hurricane sandy.

But you know -- of the destruction of the damage.

Governor -- -- May have it right now as to who pays for it.

Usually ordinarily the federal government picks up 75%.

Of the tab for restoring government services including things like mass transit.

But us for now both Governor Cuomo and Governor Christie of New Jersey say wait a second we want the federal govern to pick up even more of a -- Meaning possibly 90% to 100%.

And Governor Cuomo is pretty pretty pointed us whether or not he will let his State's taxpayers pay for any of the -- here's Governor Cuomo.

Finance that through taxes.

Would incapacitate.

The state my philosophy -- -- tax increases are always the last last last resort.

So for right now you guys we're waiting to see whether or not thirty in the president president -- -- -- -- uses his authority.

To basically issue and basically payments out of the federal government toured the states of New Jersey and New York once we hear about that we'll get right back to back -- -- As -- thank you very much the numbers are staggering and they keep going up.

-- -- --

Load More