Storm Cost Could Rise to $50B

    NEW YORK, NY - OCTOBER 30: A firefighter works to contain a fire that destroyed over 50 homes during Hurricane Sandy on October 30, 2012 in the Breezy Point neighborhood of the Queens borough of New York. At least 33 people were reported killed in the United States by Sandy as millions of people in the eastern United States have awoken to widespread power outages, flooded homes and downed trees. New York City was hit especially hard with wide spread power outages and significant flooding in parts of the city.  (Photo by Spencer Platt/Getty Images)

    Spencer Platt / Getty Images

    Superstorm Sandy may cause upwards of $20 billion in damages, the forecasting firm HIS Global Insight is reporting. In addition, its ripple effects could lead to between $10 billion and $30 billion in lost business. In the short term, Sandy could lead to a 0.6 percentage point subtraction from U.S. economic growth in the October-December quarter. In the end, Sandy is expected to rank among the 10 costliest hurricanes in U.S. history, though it won’t reach the $108 billion toll of Hurricane Katrina in 2005.

    Read it at Associated Press