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GAO-02-700R 1 (2002-05-29)

handle is hein.gao/gaobaalzl0001 and id is 1 raw text is: I G ~GAO Accountability * Integrity * Reliability Washington, DC 20548 May 29, 2002 Congressional Requesters Subject: Review of Studies of the Economic Impact of the September 11, 2001, Terrorist Attacks on the World Trade Center In response to your request, we identified and reviewed several key studies of the economic impact of the September 11, 2001, terrorist attacks on the World Trade Center buildings in New York City. On April 15, 2002, we briefed your staff on the results of our review. The information in enclosure I formed the basis for our briefing. We have since updated some of the information in enclosure I, using new information, which became available after the briefing. Background The terrorist attacks caused enormous destruction in New York City. The losses included the direct costs of the destruction to lives and property, as well as cleanup, and the indirect costs of lost income brought about by business closings and related spending reductions. It is expected that some of the losses will be covered by payments from private insurance, emergency federal relief funds, and charitable contributions. Other losses, however, may never be recovered because some individuals and businesses may not have been insured or may not qualify for federal relief or charity. Summary Eight studies from seven different organizations were identified as being the most comprehensive studies available on the economic impact of the September 11, 2001, terrorist attacks. The seven organizations (in the order in which the studies were published) are New York City Office of the Comptroller, New York Governor and State Division of the Budget, New York City Partnership and Chamber of Commerce, GAO-02-700R Impact of Terrorist Attacks on the World Trade Center Page I

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