SUPERSTORM SANDY UNINSURED LOSSES FOR NY AND NJ FISHING INDUSTRY ESTIMATED UP TO $198 MILLION
As part of their recent newsletter, the NMMA shared that the National Oceanic and Atmospheric Administration's (NOAA) Fisheries Service released the results of its rapid appraisal effort on the impacts of Superstorm Sandy on the commercial and recreational fisheries of New Jersey and New York.
The assessment considered impacts and uninsured losses for the bait, for hire, dealer, harvester, marina, and processor sectors. Uninsured losses for the two states are estimated to range from $155 to $198 million, with the average insurance coverage in New York at 35% and in New Jersey at 24%, indicating that insurance coverage for the fisheries sectors in the region was insufficient. Five million dollars in fisheries relief funding was included in the Superstorm Sandy Disaster appropriations bill, signed into law in January 2013.
NMMA will continue to provide updates as recovery and aid continues.
