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The Economic Impact of the September 11th

The widely known terroristic attack that happened on September 11th was really tragic and terrible. For many people, including the friends and families of victims, the loss is associated with the void that will never be filled. It’s true that this kind of human tragedy is immeasurable, but there are other costs associated with it, such as its economic impact.

This terroristic attack had both long-term and short-term economic effects, and some of them are still valid these days. For example, this is what caused the Dow to drop over 600 points in addition to such devastating effects as worsening the recession in 2001 and one of the biggest government spending programs in the whole US history, which was called the War on Terror.

It’s possible to quantify the economic impact on this awful event, but it’s still hard to settle on a particular number. Besides, you should understand that different studies may produce different or even conflicting results. Don’t forget that there is still some consensus on what people can count as the direct impact on this terroristic attack. It’s obvious that all kinds of insurance costs count, just like the expenses of rebuilding and restoring the World Trade Center into the new National Museum and Memorial. However, if people start getting into a variety of business losses associated with this attack, things get a bit fuzzy.

Take into account that quarterly profits in the modern airline industry fell considerably in those years that followed this horrible attack before profits started to rebound gradually. Some airline companies had to go bankrupt, despite the generous loans that they received from the US government.

The economic impact on New York was a loss of gross city product and tax losses that added more to the overall number. There were many jobs lost only in Manhattan, and multiple businesses were literally destroyed, forced to relocate, disrupted, and so on.

People should understand that the ripples of this terroristic attack spread out to reach all the aspects of the US economy, just like a big stone that you throw into a lake. People lost a large number of jobs because of it, thus reducing the gross domestic product. Finally, pay attention to the studies that can provide you with lower estimates, but the main thing that is sure is that handling all kinds of large-scale losses in a difficult task, even for the US. There are both direct and indirect economic effects that should be taken into account.

The widely known terroristic attack that happened on September 11th was really tragic and terrible. For many people, including the friends and families of victims, the loss is associated with the void that will never be filled. It’s true that this kind of human tragedy is immeasurable, but there are other costs associated with it, such as its economic impact.

Assignment ID
100000395
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CREATED ON
9 July 2016
COMPLETED ON
11 July 2016
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