By: Kortny Case

The Pentagon Before 9/11 The Pentagon On 9/11

The World Trade Center Before 9/11 The World Trade Center On 9/11

 The damage to the Pentagon-over a billion dollars to repair  The four planes-$50 million and $100 million each  After the first month following the attacks-105 billion dollars worth of damage  Total estimated cost of cleanup-600 million  The FEMA (Federal Emergency Management Agency) spent $970 million donated $1.4 billion to 9/11 charities  Estimated amount of money needed to overhaul lower- Manhattan subways-$7.5 billion  U.S. government granted almost $5 billion  Insurance rates for people went up after 9/11 and the total amount of insurance paid worldwide was $40.2 billion

 From September 11 th to September 17 th NASDAQ, The American Stock Exchange, and The New York Stock Exchange were closed because of the attacks.  The Dow Jones Industrial Average fell 684 points (7.1%)  This was a record-setting one-day point decline  The DJIA fell 1,369.7 points (14.3%) by the end of the week  For the week the American stock market lost a total of $1.4 trillion  That is now equal to $1.72 trillion in present day

 Many policemen and firefighters lost their lives in 9/11  Many charities and organizations were created to help out the families of these police and firemen  American’s raised an estimated amount of $500 million for the families of New York policemen and firefighters  There was an average of 1 million dollars received by widows of policemen and firefighters

 After 9/11 people no longer wanted to travel using the airlines because they felt they were unsafe  In million Americans changed their holiday travel plans and found other transportation  When tourism decreased this caused a major loss in jobs for people that worked in a sector  Sector-employed 280,000 people and generated $25 billion per year  Hotel occupancy also declined and this caused 3,000 employees to lose their jobs

 Airlines had to refund every ticket purchased to people unable to fly on 9/11  The United Airlines and American Airlines made initial payments of $25,000 to help immediate victims families  Before the attacks the airlines were already having financial troubles. The attacks caused airline and plane manufacturer share prices to decrease.  After the attacks the share prices of airlines and airplane manufacturers declined.  Midway Airlines was already at risk of bankruptcy so they were forced to shut down operations almost immediately afterwards.  Other airlines were at risk of bankruptcy and there were thousands of layoffs.  Things got so bad that the government had to provide an aid package to help the industry which included $10 billion in loan guarantees, and $5 billion for short-term assistance

 After 9/11 the airports were forced to take extreme measures to make the airlines safe for passengers.  Millions of dollars were spent on full-body scanners and other security technology, including bomb detectors.  Money was also spent to hire more employees and security guards to do proper searches.  Americans were forced to pay more taxes in order to pay for these precautions but in the end the majority of people think this is a necessity.

 In the 18 months before September 11 th there were 1,642,988 jobs lost.  In the 18 months following the September 11 th attacks there was a loss of more than 2.5 million jobs.  From 9/11 through the end of February, there was a job loss total of 2,523,217.  This was an increase of 54%, or 880,988 jobs.  People that worked for the transportation industry were hit the hardest and 226,674 jobs were lost along with the aerospace/defense sector, where 138,937 jobs were cut

 There were a total of 146,100 jobs lost in New York because of the attacks.  On an average day prior to 9/11 there were 50,000 people working in the world trade center.  All of these jobs were lost and almost 3,000 people were killed.  People who worked for the airlines lost their jobs or were laid off.  Also due to the decrease in travelers there were a lot of layoffs for hotel employees  About 18 thousand businesses were ruined after September 11 th

 Many people wanted to help after 9/11 and in order to do so they applied for jobs that would give them that chance.  There was a 40% increase from ’01-’02 of Peace Corps applications.  Also there was a 50% increase of job applications to the CIA.  There were also people that wanted to help the families of people involved in 9/11 financially by becoming lawyers so there was a 17.9% increase of applications to law-school

 due to the terrorist attacks on September 11, 2001 the American economy has changed drastically.  Not only is America still dealing with the aftermath of this tragic day but it will remain in people’s hearts for the rest of their lives.  September 11 affected the economy by creating billions of dollars worth of damage, a major loss for airlines and tourism, and many lost jobs and wages.

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 Makinen, Gail. "The Economic Effects of 9/11: A Retrospective Assessment". Report for Congress. Accessed 15 May  "September 11 Attacks". Wikipedia. Accessed 15 May  "Economic Effects Arising from the September 11 Attacks". Wikipedia. Accessed 15 May  "Aftermath of the September 11 attacks". Wikipedia. 15 May  "9/11 by the Numbers". New York Magazine. 15 May  Sullivan, Brian. "Job losses since 9/11 attacks top 2.5 million". Computer World. 15 May  Templeton, Tom. "9/11 in numbers". The Observer. 15 May  Dudley, William. The Attack on America: September 11, Greenhaven Press: Bonnie Szumski, 2002.