MTA storm-related damage in the billions of dollars - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Superstorm Sandy

MTA storm-related damage in the billions of dollars

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Superstorm Sandy caused billions of dollars' worth of damage to New York's transit systems. The recently renovated South Ferry subway station remains closed. Repairing the flood damage will cost about $600 million.

But the MTA has restored much of the mass transit system used by 5 million commuters.

The eventual cost of Sandy to the MTA will be about $5 billion. The MTA will pay that mainly with FEMA money (about 75 percent), insurance, borrowing money, and cost cutting, the March scheduled fare increases, and 0 percent labor wage increase.

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