Governor Chris Christie has announced the new estimate of how much Hurricane Sandy damage will be costing the state of New Jersey. According to the preliminary analysis released by Christie’s office on Friday, the storm’s damage and cost of rebuilding will cost over $29.4 billion. Governor Andrew Cuomo has announced that he plans on asking he federal government for $30 billion in disaster aid for the state. Both the New Jersey and New York estimates will change in the future based on tourist seasons and real estate values. Read more below.

Julie A.

During the announcement, Christie stated:

“This preliminary number is based on the best available data, field observations and geographical mapping, and supported by expert advice from my Cabinet commissioners and an outside consulting company,” Christie said in the statement Friday.

Christie said the estimate will be refined in the future to include impact on the next tourist seasons, real estate values and population shifts.