"Homes are flooded after Hurricane Sandy made landfall on the southern New Jersey coastline in this U.S. Coast Guard handout photo in Tuckerton, New Jersey on October 30, 2012. In the storm's wake, President Obama issued federal emergency decrees for New York and New Jersey, declaring that ""major disasters"" existed in both states. One disaster-forecasting company predicted economic losses could ultimately reach $20 billion (12.4 billion pounds), only half insured."
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