Bloomberg Seeks $9.8 Billion Aid for NYC Sandy Storm Losses
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New York City is seeking $9.8 billion in federal funds to repair infrastructure and recoup economic losses caused by Hurricane Sandy, Mayor Michael Bloomberg said.
Private insurance and Federal Emergency Management Agency reimbursements would pay only for $9.2 billion of the $19 billion in total public and private losses to the city from the superstorm, Bloomberg said in a letter to state Congress members. New York City’s request includes $5.7 billion in lost economic activity.