Sandy's effect in Arlington, Virginia. (afagen/Flickr)

The initial cost estimate from IHS Global Insight puts Sandy's damage on par with that of most other hurricanes in the last century except for Katrina, which tallied $100 billion in damages.

"The damage is extensive," New York City Mayor Michael Bloomberg said Tuesday morning. "But given the magnitude of the storm, we got through it better than some people might have thought."

He and other officials cautioned that the situation remains dangerous on the Eastern seaboard. Trans and buses might take three to four days to return to full service. Electricity restoration to all of the region might take just as long. And some people have lost their homes altogether.

At least 22 deaths in the U.S. have been attributed to Sandy, including 10 in New York City.

New York Gov. Andrew Cuomo said the state might have to consider erecting levees around Lower Manhattan as climate change pushes sea levels further upward.

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