Counting the cost . . .attacks so far have cost New York €100bn

THE September 11 terror attacks cost New York up to €100 billion in lost buildings, revenues and workers’ lives, a report said yesterday.

An estimated €22 billion will be needed to replace offices, infrastructure and tenants' financial losses caused by the atrocity.

The loss in "human capital" or those who died was valued at €8.73 billion after the victims' projected contribution to the economy was taken into account.

"On one single day, the economic picture of the city changed," said New York Controller William Thompson, who compiled the study.

The report One Year Later, The Fiscal Impact of 9/11 on New York City said €83,000 jobs were lost as a result of the attacks.

Clean-up of Ground Zero and the surrounding area cost just under €1.58 billion, while overtime for police officers, firefighters and other city employees was valued at €369 million.

The biggest single material loss were the World Trade Center twin towers.

These would cost €6.82 billion to replace.

New York also lost nearly €3.17 billion in taxes as companies moved out of Manhattan into temporary accommodation in New Jersey.

The total economic impact of the attacks from last September until September 2004 is expected to be between €88 billion and €95 billion.