Says Even With FEMA Aid & Private Insurance About $9.8 Billion More Is Needed

NEW YORK (CBSNewYork) — The cost of Hurricane Sandy-related storm damage in New York state is estimated to be $40 billion, with $19 billion of that figure for New York City alone.

Mayor Michael Bloomberg is now on a mission to get the city as much federal aid as possible.

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Bloomberg headed to Washington D.C. Wednesday to meet with lawmakers, trying to lobby for additional disaster funds.

In a letter from the mayor’s office addressed to New York’s Congressional Delegation, Bloomberg asked for help in “securing supplemental and expedited funding” for the five boroughs.

The letter made the plea for nearly $10 billion in additional federal aid for Sandy-related damage.

“After subtracting private insurance of $3.8 billion and FEMA reimbursement of $5.4 billion, the netcost to repair the damage caused by Hurricane Sandy will be approximately $9.8 billion,” the letter read.

Bloomberg said the $19 billion damage estimate includes 4.5 billion to cover losses to and costs incurred by city agencies.

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It also includes $5.7 billion to cover lost gross product for New York City resulting from businesses losing inventory or shops made inoperable because of power loss.

In his letter, the mayor also made a point to remind the New York Congressional Delegation that Congress had previously authorized $120 billion in aid following Hurricane Katrina.

“The City will struggle to recover in the long-term unless expedited federal funding is supplied,” Bloomberg wrote.

The mayor is expected to meet with Rep. Eric Cantor and Rep. Nancy Pelosi along with Senators Charles Schumer and Kirsten Gillibrand to discuss his federal aid request.

The Federal Emergency Management Agency, as of Sunday, had approved more than $664 million to help New York state residents recover from Superstorm Sandy.

The amount includes $170.4 million to Queens, $139.1 million to Brooklyn, $8.2 million to Manhattan, $70.4 million to Staten Island and $1.5 million to the Bronx.

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