As the hurricane-turned-superstorm Sandy heads for densely populated and economically vibrant regions. Its costs could spread to housing, consumer spending and jobs.
The power grid is too large, too dependent on distant electricity supplies and not smart enough to pass the hurricane test. The result: long power outages. Upgrading to a more reliable grid will cost billions and take decades.
Overnight, New York City's financial authorities decided to close the markets today as Hurricane Sandy moves in — the first time since 1985 that a weather event has shut down trading.
Hurricane Sandy is expected to cause widespread power outages in the Northeast, where utility companies and other businesses are still recovering from the last big storm.
Utilities spent billions a year ago repairing lines and equipment damaged by storms Irene and Alfred — and were roundly criticizing for leaving many people without power for days. They're intent on being prepared for Sandy.