Funding of Sandys Recovery

         This week Governor Chris Christie revised the state’s estimated damages from the storm and upped it to 36.8 billion from 29.4 billion. With a walk down the coast it’s easy to see why. Houses were lifted off foundations and thrown into their neighbors houses. Few were left unaffected. Front yards were left littered with flat screen TV’s sofas, mangled waterlogged mattresses and shattered glass. Rooms of houses are filled with sand and windows are blown out of every floor of many houses. The thought of having to climb over a dune of sand in my living room to get from my kitchen to the front of the house comes merely impossible. People like Kevin Williams is living this reality .

              With damage cost reaching a ticket price of 80 billion we ask how will this all be funded? FEMA has approved more then 700 million in federal aid for NY victems with 230 thousands New Yorkers who have requested assistance since the storm hit a month ago.

           Insurance companies are expected to pay out a total of 20 to 30 billion to those who have suffered. They are paying less then most would expect because of the fact that many people have suffered flooding damage and many people suffered from flood damage but don’t have flood policy prior to the arrival of Hurricane Sandy.

            Congress is expected to fund some of the damage in the coming weeks. They could give out anywhere from 9 to 15 billion for infrastructure damage and some home owner damage.

            Donations in cases of severe natural disasters like these are higher then some would expect. Donations have raised around 50 million dollars from major donors and combinations of small donors online. People reach out to those in need in times like these because we never know when something like this could happen in our lives and it gives people a sense of good doing when they know their money is going to a good cause and helping families get back on their feet. We all know that natural disasters could affect any of us. Let this be a reminder that we need to protect our family members by protecting and preventing financial burdens of these as much as we can.

http://www.njspotlight.com/stories/12/11/21/hurricane-sandy-relief-funds-following-the-money/

http://www.investopedia.com/financial-edge/1112/how-much-will-hurricane-sandy-cost-insurance-companies.aspx#axzz2DeFKglYM