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Hurricane Sandy cost may hit $50 billion: report

In Uncategorized on October 31, 2012 at 2:14 pm

The Bible says the Lord will shake all the nations in the last days. “For thus says the Lord of hosts, ‘Once more in a little while, I am going to shake the heavens and the earth, the sea also and the dry land. I will shake all the nations.” (Haggai 2:6-7) Why? To persuade people to let go of whatever they are holding onto ideologically, philosophically, financially, materially or otherwise for security, and turn to Jesus Christ who alone can save, forgive and provide eternal security.

The Lord has certainly been shaking the U.S. in recent days. Here’s the latest: “Superstorm Sandy will end up causing about $20 billion in property damages and  $10 billion to $30 billion more in lost business, according to IHS Global  Insight, a forecasting firm,” reports the Associated Press. “In the long run, the devastation the storm inflicted on New York City and other parts of the Northeast will barely nick the U.S. economy. That’s the view  of economists who say higher gas prices and a slightly slower economy in coming  weeks will likely be matched by reconstruction and repairs that will contribute  to growth over time. The short-term blow to the economy, though, could subtract about 0.6  percentage point from U.S. economic growth in the October-December quarter, IHS  says. Retailers, airlines and home construction firms will likely lose some business. The storm cut power to about 7 million homes, shut down 70 percent of East Coast oil refineries and inflicted worse-than-expected damage in the New York  metro area. That area produces about 10 percent of U.S. economic output.”

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