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RESPONSE TO TERROR | IN BRIEF / NEW YORK

Attacks Will Cost City $83 Billion, Study Finds

November 16, 2001|Times Wire Reports

The Sept. 11 World Trade Center attacks will cost New York City's economy $83 billion by the end of 2003. After insurance payments and federal aid are factored in, a shortfall of at least $16 billion will remain, an economic analysis released Thursday shows.

The industries hardest hit are financial services, tourism, retailing and small business, according to the study, which was conducted pro bono by seven major consulting firms for the New York City Partnership, a business group.

It said 125,000 jobs will disappear this year as a result of the attacks, not a recession, and 57,000 won't have come back by 2003.

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