As Palm State Mortgage posts this blog, we are sad to report that 268 million citizens across the Mid-Atlantic and Northeast face more hours or days in the cold and dark, awaiting the restoration of power.
We are watching as bleary eyed residents and business owners begin the clean-up and reconstruction in the aftermath of Hurricane Sandy.
Floridians are not strangers to the emotional as well as financial difficulties that travel in the path of hurricanes and super storms, and our hearts go out in empathy to the survivors of this unprecedented natural disaster.
As the painful process of recovery begins, and as of this date, Fema reports that 122,000 people have registered for disaster assistance in the wake of Hurricane Sandy. We know that this number will increase, as power is restored and more people are able to communicate their needs.
We also know that 107 million dollars has been already approved for survivors. You can read more at this site.
Fema announced that 69,000 people in New York have registered, and more than 75 million dollars has been approved. Likewise, 49,000 New Jersey citizens registered, bringing more than 31 million dollars in help. In Connecticut, 2,400 residents applied and $368,000 has been approved.
We feel compelled to post the emergency website here.
At this very moment, the federal government is sending 12million gallons of unleaded fuel and 10 million gallons of diesel fuel to the area, where it is rumored that residents wait 3-6 hours for gas.
Experts have revised their economic forecasts from 20 billion dollars to 50 billion. Lynn Coronado, chief economist for North America at BNP Paribas predicted the storm would have a significant impact saying, “In the fourth quarter, we’re probably looking at an impact of half a percentage point.” Palm State Mortgage will be updating you as we learn more about the magnitude of this storm’s impact on the financial world, both national and international. Once again, the world has noticed how pivotal New York City is to the global economy.
There is cold comfort in some statistics. Mark Zandi of Moody’s Analytics estimated that financial loss would be less than half of that suffered after either the 9/11 attack or Katrina.
Steve Parrish, Forbes magazine contributor, wrote that “even if you were not in the storm, you were in the storm.” He meant that it was “too early to predict the long-term financial magnitude of Hurricane Sandy.” In his article he also urges businesses to consider how they might be affected, even if they are far from the storm.
Palm State Mortgage takes this opportunity to challenge you, wherever you live and work, to appraise your preparedness for a national disaster, both for your home and your business.
Make a clean and simple plan because the next big storm warning might be yours. Make sure you can back up, board up and move up! Back up your data. Board up your business and home. Move up your family, treasures, and office supplies (to high ground.)
As always, we sincerely thank you for reading our blog. Be assured that we will keep a sharp financial eye on new assessments of the far-reaching financial storm that has followed hurricane Sandy.
