NEW YORK CITY-The city's Independent Budget Office reports that federal funds from FEMA and HUD will cover all of the city's Hurricane Sandy-related costs.
The IBO issued the report on Sandy costs on Wednesday. Approximately 90% of the $6.3 billion in Sandy-related emergency and recovery costs incurred by the city will be funded by the Federal Emergency Management Agency. The remaining 10% will be covered via community development block grants, according to Crain's New York Business.
For cleanup, relief and repairs in connection with the mega-storm, the city will be receiving $1.4 billion in funding from Washington. For road reconstruction, fixing piers, parks and beaches, the city is receiving another $3.1 billion from the federal government.
"It's certainly what the city has been counting on, and it's good news we won't be left footing part of that bill ourselves," says Doug Turetsky, chief of staff at the Independent Budget Office. See story in Crain's New York Business.
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