Sandy's Economic Impact
- Sales Tax News
- Nov 5, 2012 | Gail Cole
It is too soon to gauge the full economic impact of Superstorm Sandy. Nonetheless, early signs indicate that its scale will mirror that of the storm.
The New York Times reports that "losses from the storm could total $30 billion to $50 billion." New York is predicted to bear the brunt of that loss--roughly "34 percent of the total economic losses… ."
According to George Maragos, Nassau County Comptroller, Long Island's Nassau County "is on track to lose $30 million in sales tax revenue over just two weeks… ." This is a crippling blow to a county with a projected deficit of $25 million for fiscal 2012.
Among losses that will not be recouped are lost Halloween sales. Analysts predict that "[a]s shoppers in the affected regions focus on the storm, other discretionary speeding will fall and not be recouped." (The New York Times).