Measuring The Effects Of 9/11 On New York City

"The attack on the World Trade Center had an enormous financial, as well as emotional, impact on New York City. This article measures the short-term economic effects on the city’s labor force and capital stock through June 2002, the end of the recovery process at the World Trade Center site. Using a lifetime-earnings loss concept, the authors estimate that the nearly 3,000 workers killed in the attack lost $7.8 billion in prospective income. Moreover, the employment impact in the key affected sectors—such as finance, air transportation, hotels, and restaurants—translated into an estimated earnings shortfall of $3.6 billion to $6.4 billion, while the cost of repairing and replacing the damaged physical capital stock and infrastructure totaled an estimated $21.6 billion."

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