Estimated Cost of Sandy's Destruction in the Billions

Sandy super storm

The economic toll from the vast storm Sandy on the U.S. East Coast is expected to be massive, with billions of dollars in damages. One catastrophe assessment company, Eceqat, predicted the toll could hit $20 billion, with perhaps half of that amount covered by insurance. Sandy spawned widespread flooding and wind damage - especially in the northeastern state of New Jersey and New York City - before moving inland and weakening on Tuesday.

Large industrial manufacturers and oil refiners shut their operations all along the country's eastern seaboard. Hundreds of small businesses are inundated with floodwaters.

The New York Stock Exchange called off trading again on Tuesday, the first time the exchange has been closed for two days in a row because of the weather since 1888. More than 14,000 airline flights have been canceled.