Contact Us
Make My Homepage

Sandy Caused $2-Billion in Damage to Port Authority

The Port Authority of New York and New Jersey will spend more than $2 billion to repair damage from Superstorm Sandy, but the agency’s executive director said Wednesday that the ultimate financial impact should be minimal.

HobokenPATH
Hoboken PATH station during Superstorm Sandy (Image courtesy of Port Authority of NY and NJ)

At its monthly board meeting, executive director Patrick Foye said insurance policies held by the Port Authority combined with expected reimbursements from various federal agencies, including the Federal Transit Administration and the Federal Emergency Management Agency, should significantly mitigate the cleanup costs.

“We expect that after insurance, self-insurance, FTA and FEMA funding, the Port Authority will recover the overwhelming majority of the cost with little to no financial impact on the Port Authority,” Foye said.

The Port Authority Trans-Hudson rail system received the brunt of the damage, with costs associated with the storm exceeding $800 million. Stations on both sides of the Hudson River were closed for weeks, and full service was only recently restored on some lines. The Oct. 29 storm filled PATH’s Hoboken station with 8 feet of water, forcing the suspension of service until the week before Christmas.

The World Trade Center site, the Holland Tunnel and the area’s three major airports also suffered damage from wind and flooding in the storm, one of the region’s worst natural disasters.

The cost to the World Trade Center site totaled about $500 million, according to its owner, the Port Authority.

In other matters Wednesday, the authority’s board of commissioners approved a $77 million project to replace the Palisades Interstate Parkway helix onto the George Washington Bridge, part of the agency’s overall $350 million bridge upgrade.

The project is scheduled to be completed by mid-2017. A temporary bridge will be constructed to accommodate traffic while construction proceeds. More than 20,000 vehicles use the helix each day.

 

(Copyright 2013 by The Associated Press. All Rights Reserved.)

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://nj1015.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!