IRENE Surpasses KATRINA as MOST EXPENSIVE HURRICANE Ever

She was expected to wreak havoc on Manhattan, wrecking homes, flooding cars and toppling trees as she roared across the city.

But while Hurricane Irene did not strike New York with the ferocity many expected, the city has been dealt a major blow nonetheless - the huge cost of anxious preparation away from work.

University of Maryland professor Peter Morici said up to $45billion of damage has been caused on the East Coast, factoring in physical damage and the loss of two days of economic activity.

His estimates suggest that the total damage costs will outstrip those of Hurricane Katrina in 2005.

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