Economic losses from Superstorm Sandy will total about $30 billion, according to an October report on natural disasters worldwide from Impact Forecasting, a catastrophe modeling center at Aon Benfield.
Sandy made landfall in New Jersey as a post-tropical cyclone, bringing heavy rain, high winds, storm surge, flooding, fires and heavy snow. Up to 60 million people in 24 states were affected. Some 21,000 flights were canceled and the New York Stock Exchange and NASDAQ were shut down for two days.
"Sandy was certainly a unique meteorological event, most notably with its expansive tropical storm-force wind field in excess of 1,000 miles," Impact Forecasting President Steve Jakubowski said in a press statement.
Impact Forecasting says state-released government estimates indicate total economic losses will approach or exceed $30 billion. Other industry projections peg insured losses at $10 billion. Impact Forecasting has yet to release an estimate of insured losses.
The storm will be one of the costliest natural disasters in U.S. history, the firm said.