9/11 Attacks Cost $660 Billion So Far: Report
9/11 attacks cost $660bn so far: Report
http://www.gg2.net/viewnews.asp?nid=...atid=UK%20News
(Gold9472: What companies made $442bn in "security"?)
GG2.NET NEWS [16/11/2005]
THE SEPTEMBER 11 attacks have cost the United States some $660bn so far and significantly reduced global investment, according to an Asia-Pacific Economic Cooperation (APEC) report released on Wednesday.
"The overall costs of 9/11 to the United States were substantial," the report by APEC`s Economic Committee said. "The research indicates that the costs were approximately $660bn over four years, or between one and two per cent of GDP per year over that period," it said.
The report by the 21-member APEC forum also showed that the attacks decreased world foreign direct investment flows by up to 0.6 per cent. The $660bn includes $45bn of direct costs incurred in 2001 from the attacks, $175bn of indirect costs and $442bn of security-related costs, the report added.
Indirect costs associated with both security and trade transactions increase as a result of extremist attacks and the increase in transaction costs consequently affects the flows of commodity trade as well as financial capital.
These indirect costs include costs for stepping up security measures, the reduction in the number of tourists and additional expenses for delays in moving cargo through customs, said Lee Kyung-Tae, chair of the economic committee.
