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How did 9/11 Effect the economy?

How did 9/11 Effect the economy?. By: Kortny Case. The Pentagon. The Pentagon Before 9/11. The Pentagon On 9/11. The World Trade Center. The World Trade Center Before 9/11. The World Trade Center On 9/11. 9/11 Terrorists. How 9/11 Affected the Economy .

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How did 9/11 Effect the economy?

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  1. How did 9/11 Effect the economy? By: Kortny Case

  2. The Pentagon The Pentagon Before 9/11 The Pentagon On 9/11

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

  4. 9/11 Terrorists

  5. How 9/11 Affected the Economy 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.

  6. Creating Billions of Dollars Worth of Damage • 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

  7. From September 11th to September 17thNASDAQ, 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 $1.4trillion • That is now equal to $1.72 trillion in present day

  8. Many policemen and firefighterslost 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

  9. A Major Loss for Airlines and Tourism • After 9/11 people no longer wanted to travel using the airlines because they felt they were unsafe • In 2001 1.5 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

  10. 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 $25,000to 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

  11. 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.

  12. Many Lost Jobs and Wages • In the 18 months before September 11th there were 1,642,988 jobs lost. • In the 18 months following the September 11th 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

  13. 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 11th

  14. 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

  15. 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.

  16. South tower destruction from south • http://911research.wtc7.net/wtc/evidence/videos/index.html

  17. Works Cited • Makinen, Gail. "The Economic Effects of 9/11: A Retrospective Assessment". Report for Congress. Accessed 15 May 2010 <http://www.fas.org/irp/crs/RL31617.pdf>. • "September 11 Attacks". Wikipedia. Accessed 15 May 2010 <http://en.wikipedia.org/wiki/September_11_attacks >. • "Economic Effects Arising from the September 11 Attacks". Wikipedia. Accessed 15 May 2010 <http://en.wikipedia.org/wiki/Economic_effects_arising_from_the_September_11_attacks>. • "Aftermath of the September 11 attacks". Wikipedia. 15 May 2010 <http://en.wikipedia.org/wiki/Aftermath_of_the_September_11_attacks#Economic_aftermath>. • "9/11 by the Numbers". New York Magazine. 15 May 2010 <http://nymag.com/news/articles/wtc/1year/numbers.htm>. • Sullivan, Brian. "Job losses since 9/11 attacks top 2.5 million". Computer World. 15 May 2010 <http://www.computerworld.com/s/article/79703/Job_losses_since_9_11_attacks_top_2.5_million>. • Templeton, Tom. "9/11 in numbers". The Observer. 15 May 2010 <http://www.guardian.co.uk/world/2002/aug/18/usa.terrorism>. • Dudley, William. The Attack on America: September 11, 2001. Greenhaven Press: Bonnie Szumski, 2002.

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