Hurricane Sandy to cost US up to $20bn

The devastation caused by Hurricane Sandy over the past few days could cost the US economy as much as $20bn, according to the latest estimates.

Businesses on the US East Coast have continued to be disrupted by super-storm Sandy, with total damage estimated at between $10bn and $20bn (£6bn-£12bn). Sandy has flooded subways and road tunnels in much of Lower Manhattan, and brought the stock market to a close for the last two days, although it is expected to be open later today. US markets have now been shut for the longest period since 9/11. It is also the first time the weather has shut them for two consecutive days since 1888. The estimate of damage comes from disaster risk modelling firm Eqecat. Both the New York Stock ...