The Army Corps of Engineers says it will cost $52.6B to save New York City from very bad weather, such as Hurricane Sandy, although it was not a hurricane. The problem wasn’t the storm per se – it was the storm surge. The winds did reach as much as 80 mph.
The funds would come from federal and state tax dollars., but spread out.
New York City says they’re worth $51.6B. They say they contribute over $1.2 trillion to the economy, which is over 5% of the nation’s economy.
A project originating in 2013, called the HATS project or NY & NJ Harbor & Tributaries Focus Area Feasibility Study, sought to find out how best to protect New York City from another Hurricane Sandy. They picked nine focus areas, and NY and NJ harbor were one—more information on this link.
You could protect it by putting up a wall for a lot less, but it would spoil the views. They have two other plans, but the $52.6B plan is the winner after a cost-benefit analysis was completed. With cost overruns, this won’t stay at that figure.
They can’t move ahead unless states agree to it. Will they think New York City is worth it?