Sandy cost the US $50bn, could have been averted for $15bn

Prevention is better than cure.

The FT's Jason Abbruzzese has posted the Moody's Analytics estimates of the economic damage of Hurricane Sandy. The firm puts the cost of lost output at $19.9bn, and the damages at a further $30bn:

Abbruzzese writes:

If the $50bn total turns out to be accurate, it will make Hurricane Sandy the fourth costliest US disaster behind Hurricane Katrina, the attacks of September 11, and Hurricane Andrew.

Putting a dollar amount on a disaster which has claimed nearly 100 lives in the US, and almost as many in the other countries throughout North America which have been hit, may seem distasteful, especially since the death toll is likely to continue rising. But that figure helps put in context stories like this, by Matthew Yglesias:

A 2009 seminar hosted at the Polytechnic Institute of New York University considered several options for major infrastructure upgrades to combat storm surges—a barrier at the south end of the Arthur Kill that divides Staten Island from New Jersey, an East River barrier to prevent surges up that narrow waterway, a barrier perpendicular to the Verrazano Narrows Bridge between Staten Island and Brooklyn, and most ambitiously a “Gateway Barrier System” stretching from Sandy Hook to the Rockaways. Engineers don’t believe it would be feasible for the Gateway system to entirely block storm surges, but it could weaken and deflect them—significantly reducing the flood risks to the entire New York Harbor…

It would, of course, be expensive. The estimates presented at the seminar suggest a ballpark figure of $15 billion. But even if that turns out to be a substantial underestimate, it’s a bargain compared to the cost of widespread flooding.

Compared to $50bn, that $15bn looks increasingly tempting.

Cars float in a flooded garage. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Jeremy Corbyn's Labour conference speech shows how he's grown

The leader's confident address will have impressed even his fiercest foes. 

It is not just Jeremy Corbyn’s mandate that has been improved by his re-election. The Labour leader’s conference speech was, by some distance, the best he has delivered. He spoke with far greater confidence, clarity and energy than previously. From its self-deprecating opening onwards ("Virgin Trains assure me there are 800 empty seats") we saw a leader improved in almost every respect. 

Even Corbyn’s firecest foes will have found less to take issue with than they may have anticipated. He avoided picking a fight on Trident (unlike last year), delivered his most forceful condemnation of anti-Semitism (“an evil”) and, with the exception of the Iraq war, avoided attacks on New Labour’s record. The video which preceded his arrival, and highlighted achievements from the Blair-Brown years, was another olive branch. But deselection, which Corbyn again refused to denounce, will remain a running sore (MPs alleged that Hillsborough campaigner Sheila Coleman, who introduced Corbyn, is seeking to deselect Louise Ellman and backed the rival TUSC last May).

Corbyn is frequently charged with lacking policies. But his lengthy address contained several new ones: the removal of the cap on council borrowing (allowing an extra 60,000 houses to be built), a ban on arms sales to abusive regimes and an arts pupil premium in every primary school.

On policy, Corbyn frequently resembles Ed Miliband in his more radical moments, unrestrained by Ed Balls and other shadow cabinet members. He promised £500bn of infrastructure investment (spread over a decade with £150bn from the private sector), “a real living wage”, the renationalisation of the railways, rent controls and a ban on zero-hours contracts.

Labour’s greatest divisions are not over policy but rules, strategy and culture. Corbyn’s opponents will charge him with doing far too little to appeal to the unconverted - Conservative voters most of all. But he spoke with greater conviction than before of preparing for a general election (acknowledging that Labour faced an arithmetical “mountain”) and successfully delivered the attack lines he has often shunned.

“Even Theresa May gets it, that people want change,” he said. “That’s why she stood on the steps of Downing Street and talked about the inequalities and burning injustices in today’s Britain. She promised a country: ‘that works not for a privileged few but for every one of us’. But even if she manages to talk the talk, she can’t walk the walk. This isn’t a new government, it’s David Cameron’s government repackaged with progressive slogans but with a new harsh right-wing edge, taking the country backwards and dithering before the historic challenges of Brexit.”

After a second landslide victory, Corbyn is, for now, unassailable. Many MPs, having voted no confidence in him, will never serve on the frontbench. But an increasing number, recognising Corbyn’s immovability, speak once again of seeking to “make it work”. For all the ructions of this summer, Corbyn’s speech will have helped to persuade them that they can.

George Eaton is political editor of the New Statesman.