Post-Hurricane Sandy – Deutsche Bank contributes to building long-term storm resilience
Hurricane Sandy was the deadliest and most destructive hurricane of the 2012 Atlantic hurricane season, as well as the second-costliest hurricane in United States history. As the Northeast region rebuilds from the impact of the hurricane, Deutsche Bank is helping to plan and prepare for greater storms in the future through unique public-private partnerships and initiatives.
The Deutsche Bank Americas Foundation (DBAF), in partnership with the City of New York, has facilitated the formation of the NYC Housing and Neighborhood Recovery Donors Collaborative to provide funding for the medium- and long-term planning and rebuilding efforts in the city’s most vulnerable areas. Formed in the aftermath of Hurricane Sandy, the Donors Collaborative is comprised of 16 financial institutions and foundations and has raised $3.2m, including $675.k in matching funds from the Mayor’s Fund to Advance NYC.
To ensure decision making is aligned with local government planning, the donors have worked closely government agencies to issue a RFP and evaluate the proposals.
Competition REBUILD BY DESIGN
Deutsche Bank is also supporting REBUILD BY DESIGN, a multi-stage competition that will develop innovative projects to protect and enhance Sandy-affected communities in New York, New Jersey, and Connecticut. The U.S. Department of Housing and Development (HUD) has set aside Community Development Block Grant Disaster Recovery funding specifically to incentivize implementation of the winning projects.
Launched by the Hurricane Sandy Rebuilding Task Force, the competition received proposals from over 140 teams representing the top engineering, architecture, design, landscape architecture and planning firms as well as research institutes and universities worldwide. A final ten teams have been selected to participate in an intense eight-month process that will be split into analysis and design. Over the next eight months, the design teams will survey and research the region’s vulnerabilities before working on a site-specific design proposal. Partnering with a local or state government entity, the teams will develop projects that promise to improve the resilience of local communities. The projects will then be reviewed by a jury to ensure that the proposals are capable of reaching maximum impact.
In addition to working with the Donors Collaborative and REBUILD BY DESIGN, DBAF has committed USD 1m in grants for direct relief and long-term rebuilding, $1m in 0% interest loan capital for small business recovery and 2,000 employee volunteer hours for disaster cleanup.
Immediate aid: Deutsche Bank Volunteer Day
The storm became the largest Atlantic hurricane on record - as measured by diameter, with winds spanning 1,100 miles (1,800 km). Overall economic losses are estimated at USD 72 billion, a total surpassed only by Hurricane Katrina. At least 286 people were killed along the path of the storm in seven countries. The severe and widespread damage the storm caused in the United States, as well as its unusual merge with a frontal system, resulted in the nicknaming of the hurricane by the media "Superstorm Sandy".