Sandy is likely to go down as one of the costliest storms in U.S. history. The initial estimates of the losses are anywhere from $20 billion to $50 billion. But as NPR's Jim Zarroli reports, the impact on the economy is more complicated than it may appear. Some companies will even make money.
JIM ZARROLI, BYLINE: Economist Greg Daco has been tallying the potential costs of Hurricane Sandy and he says there's no question it's going to hurt the economy more than it will help it.
Japanese TV maker Sharp on Thursday doubled its expected net loss for the year to more than $5 billion. The company also raised concerns about its ability to survive on its own. The news comes a day after another Japanese tech giant, Panasonic, forecast a nearly $10 billion loss for the year.
Note: This story was originally published on Oct. 30. It was updated on Nov. 1 to include a radio version of the story.
The stock market, according to a popular narrative, is now just computers making superfast trades with other computers. Those pictures of traders getting emotional on the floor of the New York Stock Exchange are an anachronism. The real action flashes through fiber-optic cables headed for servers in places like Kansas City. It's algorithms all the way down.
Think of the smallest kitchen you can imagine, and then take away a few square feet. That's Deb Perelman's New York kitchen. It's so small that the blogger, and now author, literally has to wedge herself between the stove and the refrigerator to cook.
On the first of November, it's MORNING EDITION from NPR News. I'm Steve Inskeep.
RENEE MONTAGNE, HOST:
And I'm Renee Montagne.
Portions of the New York subway system are up and running again after being shut down for three days after Superstorm Sandy. There is, of course, a giant hole in the middle of the system. The lines stop short of Lower Manhattan, where many tunnels and stations flooded.