The Port Authority of New York and New Jersey says damage caused by Superstorm Sandy to its various properties will surpass $2 billion but the impact on its bottom line will be minimal.
The brunt of the damage was suffered by the Port Authority Trans-Hudson rail system.
Port Authority executive director Pat Foye says the October superstorm caused $800 million in damage to the PATH system. Full service was only recently restored on some lines between northern New Jersey and New York.
The World Trade Center site, the Holland Tunnel and three major airports also suffered damage from wind and flooding in the storm, one of the region’s worst natural disasters.
But Foye said Wednesday when reimbursements from the federal government are combined with insurance policies the financial impact to the Port Authority won’t be that great.