“Sandy’s impact on New York State has been significant in every way, but its fiscal impact on local and state government has been particularly damaging,” Governor Cuomo said. “By reaching this federal funding threshold for post-storm recovery costs, the financial impact will be lowered considerably for the non-federal share of repairing and restoring our communities. I thank our federal partners for approving this measure, which will support our continuing recovery efforts.”
In FEMA’s official notice today, FEMA Administrator W. Craig Fugate wrote, “I have determined that the damage in certain areas of the State of New York resulting from Hurricane Sandy during the period of October 27 to November 8, 2012, is of sufficient severity and magnitude that special cost sharing arrangements are warranted…I amend my declaration of October 30, 2012…to authorize Federal funds for all categories of Public Assistance at 90 percent of total eligible costs….”
Having met the federal threshold at $2,538,531,624 for changing the funding formula, the non-federal share of related costs is reduced from $634,632,906 (25 percent) to $253,853,162 (10 percent), providing a savings of $380,779,744 to the state and affected municipalities.