‘Hurricane Sandy cost the U.S. some $70 billion in direct damages and lost economic output. This is, obviously, a lot of money — Sandy was the second most expensive hurricane in U.S. history after a small tropical storm called Katrina. Much of that cost was borne by the government — local, state and federal — and some of it was absorbed by those of us who lived in the storm’s path. But about $20 billion to $25 billion of the damage from the storm was eventually covered by the insurance industry.’
via Flood Insurance Needs Fixing Thanks to Climate Change | TIME.com.