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Summer Journal

Volume 28, Issue 3

Full Contents Now Available!

Seven Insights from Superstorm Sandy: A Financial Sector Retrospective

Written by  Michael Chaly & Christopher Rivera Friday, 25 April 2014 18:09

$18 billion dollars. That’s the number estimated in damages caused by Hurricane Sandy just in the state of New York alone. With the unexpected turns that transpired amidst the super storm, all businesses were reminded of the importance of business resiliency. While hurricanes are studied, detectable, and often provide advanced warning, the impact of Hurricane Sandy still surprised the public and private sector. The financial services sector, in particular, faced numerous challenges despite extensive planning and advanced warning. Sandy’s impact to the financial district in Manhattan was severe, especially in the downtown Manhattan area, which is the hub of many global financial institutions and one of the worst affected areas in NYC. The consequences from Sandy included market disruptions and closures during the storm, spanning the NYSE, NASDQ, US Futures, US Equity, and Equity Options. Given the vast amount of information presented to-date, it is still very important that the financial sector revisit