Research

September 11, 2001

World Trade Center, New York
Pentagon, Washington D.C.
Rural Pennsylvania
Class IV - Distress Condition, Terrorist Attacks

Terrorist Damage

On the morning of September 11, 2001, four hijacked American Airline planes flying out of Boston were deliberately crashed into the two World Trade Center Towers, the Pentagon in Washington DC, and a field in rural Pennsylvania. A total of approximately 3,000 persons died in the attacks.

The real estate damages alone were staggering, being estimated by
New York City's Mayor's Office as:

• Clean up and stabilization of the WTC site - $9.0 billion

• Repairing and replacing damaged infrastructure - $9.0 billion

• Rebuilding the WTC as smaller buildings - $6.7 billion

• Repairing and restoring other damaged buildings - $5.3 billion

• Lost rents of the destroyed buildings - $1.75 billion.

Terrorist Damage

There was initial discussions of making the World Trade Center site a memorial, however, the economics of this did not make sense. A more balanced approach was adopted that would dedicate a portion of the site as a memorial and also allow rebuilding of office buildings. From the lessons of the Oklahoma site, the new buildings will be multiple shorter buildings to mitigate the impacts of any future attacks.