Super storm Sandy damage estimate climbs to $50 billion

Estimates of the economic losses caused by Hurricane Sandy earlier this week reached $50 billion as experts assessed the costs of severe property damage, shut-down subways and power outages.

On Thursday, Eqecat Inc. said it expects storm-related losses to fall between $30 billion and $50 billion. Of that, $10 billion to $20 billion will be insured, according to the firm, which calculates estimates for insurers.

Earlier this week, Eqecat had said that damages could reach $20 billion, with up to $10 billion in insured losses.

Several governors of affected states have declared this week that homeowners will not have to pay hurricane deductibles on insurance claims, reasoning that Sandy was not a hurricane when it made land.

New York Gov. Andrew M. Cuomo said in a statement that such deductibles typically range from 1% to 5% of a home’s insured value -- up to $15,000 for a house insured for $300,000.

Separately, analysts predict some $500 million in lost advertising revenue due to the storm, according to media research company Pivotal Research Group. That’s about 1% of the quarter’s revenue for the industry.

“Quantifying the impact of the Superstorm is difficult, but we think it will be real,� according to a note from Pivotal analyst Brian Wieser.

The wild weather also shut down many Halloween celebrations, including a Greenwich Village parade that last year brought $90 million in visitor spending to New York City.

In the storm’s aftermath, long lines of cars are waiting to access gasoline stations. Most major fuel providers are suffering service disruptions.

ALSO:

American Apparel offers ‘Sandy Sale’ for hard-hit states

La Guardia opens for limited service; flight cancellations drop

Wall Street after Sandy: Storm-related stock winners and losers