A closer look at Sandy's effect, financially - KSFY News - Sioux Falls, SD News, Weather, Sports

A closer look at Sandy's effect, financially

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Along with the devastation and destruction already seen with Hurricane Sandy, one thing most feared by people, especially in finance, is uncertainty.

According to financial experts, here in Sioux Falls who are watching Sandy closely, that's what we could see.

More than 50 million people, millions of homes and thousands of businesses are affected before this storm even makes landfall... including Wall Street.

"Very seldom would Wall Street close. That's testimony to the fact that this is a bad situation, or potentially a bad situation. Wall Street would close only under the most adverse circumstances," Neil Graff said.

Financial expert Neil Graff says this storm is surely going to bring that dreaded uncertainty.

"Because of the potential for loss of life, geographical damage, a whole lot of consequences could come to the forefront," Graff said.

Other circumstances creating this uncertainty: the presidential election, third quarter economic data, and low consumer confidence going into the holidays; enough to create, what Graff says, the perfect storm. 

"If this hurricane brings devastation, this could have dire consequences for our markets in general," Graff said. "If the magnitude of this deals with personal loss of life of economic chaos, this will filter down and affect many of us as individuals and businesses in a negative way."

He says we don't know what those negative impacts will be until it's over.

"Everything else but human life can be replaced. That's the important thing, people are heeding the warnings of leaving the area. We'll have to wait and see until the storm is over what the economic and geographical damages are," Graff said.

Another reminder for consumers here at home, if you're planning to donate to disaster relief funds once this storm is through, make sure you do your research and know where your  money is going so it really helps those in need.

For example: The Red Cross, Catholic Charities, Salvation Army, Episcopal Relief and Development, among others.

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