Federal Reserve Bank of NY Analyzes Sandy Losses

The analysis examined small companies in New York, New Jersey and coastal Connecticut, with less than 500 workers in the hospitality, leisure, construction, real estate, manufacturing and retail sectors.

22% reported suffering looses adding up to over $100,000.00, while 61% stated they operated at a profit or broke even. Federal Reserve Bank of New York representative Claire Kramer Mills described, "It's important to note that the firms that we polled, 950 of them, are the surviving businesses...Not that their business got flooded necessarily, but that they had decreased customer demand".

The study determined that approximately a third of businesses did not have insurance; only a small amount held business disruption or flood insurance. Over 50% admitted they used their own funds to handle storm inflicted expenses.