Economic Impact from Superstorm Sandy, Nor’easter May Reach $1 Billion in Nassau
Nassau County Comptroller George Maragos warned earlier this week
that Superstorm Sandy, in combination with the nor’easter, may cause an economic impact of $750 million in Nassau County in just the first
two weeks following the storm.
Maragos said in a release that the total loss may rise to more than
$1 billion due to the slow pace of recovery from continuing widespread
power outages and gasoline shortages.
Retail sales are expected to have been hit especially hard as people stayed home to cope with the
damage, Maragos said.
The projected loss of economic activity does not include loss of
life, property or public costs for cleanup. The sales tax revenues to
the county will be equally hard hit and are estimated to be $30 million lower than earlier projected, but may go higher because of the slow
pace of recovery, Maragos said.
According to a release, any benefit of increased spending from the
recovery process will probably not be felt until next year and after
the holidays, when rebuilding will be in full force. Some, but not all, of these economic and sales tax losses will be recovered next year.
"Many small businesses may not survive," Maragos said. "The county
government could not afford the sales tax revenue loss or the increased cleanup costs. The legislature should address the fiscal impact from
the storms at its next session."
"Bipartisan cooperation will be required to deal with the financial
impact to the 2012 budget and the increased likelihood of a greater
deficit than earlier projected," he added.
Darrell Fuller Indicted
Alleged cop killer Darrell Fuller was indicted by a Nassau County
Grand Jury on three counts of murder in the first degree Wednesday
Fuller was also indicted on one count murder in the second degree,
two counts of robbery in the first degree and two counts of criminal
possession of a weapon in the second degree.
The 33-year-old St. Albans residents allegedly
gunned down two men, including Nassau County police officer Arthur Lopez, on the morning of Oct. 23 in Bellerose Terrace.
arrested later in the evening on Oct. 23 in Jamaica.
According to the Nassau County District Attorney's Office, Fuller remains in custody and is due back in court on Nov. 19.