Strike Price Tag: About $1B
It's important to recognize that the strike wasn't an economic loss for everyone. Cops making overtime, luncheonettes in neighborhoods where people stayed home, cabbies who didn't get killed on gas mileage, and others probably saw a net gain this week. And in the beauty of the multiplier, they will then pump their extra money back into the economy. Thompson's estimates take these "offsets" into account.
A billion bucks is no small potatoes. But that $1 billion must be seen in context. Back in 2002, the comptroller estimated that September 11 cost the city $95 billion in economic activity (alternative estimates have put the figure as low as $25 billion). The 2003 blackout lasted just over a day, and cost about a billion. New York City's gross city product is about equal to $1.2 billion a day.