Sandy is likely to go down as one of the costliest storms in U.S. history. The initial estimates of the losses are anywhere from $20 billion to $50 billion. But as NPR's Jim Zarroli reports, the impact on the economy is more complicated than it may appear. Some companies will even make money.
JIM ZARROLI, BYLINE: Economist Greg Daco has been tallying the potential costs of Hurricane Sandy and he says there's no question it's going to hurt the economy more than it will help it.
Japanese TV maker Sharp on Thursday doubled its expected net loss for the year to more than $5 billion. The company also raised concerns about its ability to survive on its own. The news comes a day after another Japanese tech giant, Panasonic, forecast a nearly $10 billion loss for the year.
Note: This story was originally published on Oct. 30. It was updated on Nov. 1 to include a radio version of the story.
The stock market, according to a popular narrative, is now just computers making superfast trades with other computers. Those pictures of traders getting emotional on the floor of the New York Stock Exchange are an anachronism. The real action flashes through fiber-optic cables headed for servers in places like Kansas City. It's algorithms all the way down.
As the presidential race zeroes in on Ohio, and the auto industry gets renewed focus in the all-important swing state, Mitt Romney's campaign is touting the backing of former Chrysler CEO Lee Iacocca and the company's former president, Hal Sperlich.
"In our opinion, Mitt Romney is the leader we need to help turn our economy around and ensure that the American auto industry is once again a dominant force in the world," Iacocca and Sperlich write on Romney's website.
Oh my gosh. You create the social equivalent of nuclear fusion when you combine the people who are obsessed with Star Wars and the people obsessed with Disney. The Walt Disney Company is apparently willing to take that risk. In a move that surprised industry observers, Disney announced, yesterday, it is buying Lucasfilm, the studio founded by George Lucas and home to the Star Wars franchise. NPR's Mandalit del Barco reports there are already plans for a new "Star Wars" movie.
The National Hockey League has now canceled all games through the end of November, as team owners lock out players in a labor dispute. In the meantime, there are many businesses and workers who count on hockey games to help make ends meet. But they are now trying to make due without.
Airlines canceled more than 17,000 flights before, during, and after the storm. New York's JFK and Newark Airport in New Jersey re-opened this morning, with limited service. For other airports, it may be days before their first flights take-off. All told, Sandy is expected to cost the domestic airline industry $100 million - money it can't really afford to lose.
Still, as NPR's Wade Goodwyn reports, the news hasn't been all bad.