Already the estimates for Hurricane Sandy costs of storm damage have more than doubled, from $20 billion to $50 billion due to the magnitude of the storm.
There are others running as high as $100 billion, although most are in the $50 billion range. The costs for the insurance industry will be around $10 billion, according to EQECAT, an economic forecasting firm.
So far it looks like Hurricane Sandy costs will fail to top the most expensive storm in the history of the United States, Hurricane Katrina in 2005. Total expenses as a result were $108 billion. That is the equivalent of $128 billion in today's dollars.
For Hurricane Ike from 2008, the cost was $32 billion. Hurricane Andrew, which hit in 1972, resulted in $44 billion in economic damages.
Parts of Hurricane Sandy's costs are the widespread power outages still plaguing the Northeast. According to the Department of Energy, Hurricane Sandy knocked out more electricity for more homes and businesses than any other storm in the history of the United States.
That highlights two aspects of Hurricane Sandy that have made it so damaging to the American economy: its location and its timing.