September 11 Attacks
The September eleven attacks additionally led to the U.S. wars in Afghanistan and Iraq, in addition to further homeland safety spending, totaling no less than $5 trillion. North American air house was closed for a number of days after the assaults and air travel decreased upon its reopening, leading to an almost 20% cutback in air journey capacity, and exacerbating monetary issues within the struggling U.S. airline business. In New York City, about 430,000 job-months and $2.eight billion in wages have been lost within the first three months after the assaults. The metropolis's GDP was estimated to have declined by $27.three billion for the last three months of 2001 and all of 2002. The U.S. authorities offered $eleven.2 billion in instant assistance to the Government of New York City in September 2001, and $10.5 billion in early 2002 for economic growth and infrastructure needs.
The assaults had a big economic impression on United States and world markets. The inventory exchanges did not open on September 11 and remained closed until September 17.
Congress handed the Authorization for Use of Military Force Against Terrorists. Still in effect, it grants the President the authority to use all "essential and acceptable force" towards those whom he determined "deliberate, authorized, dedicated or aided" the September 11 attacks, or who harbored said persons or teams.
On October 17, 2006, a federal judge rejected New York City's refusal to pay for health prices for rescue staff, allowing for the possibility of numerous suits towards the town. Government officials have been faulted for urging the public to return to decrease Manhattan in the weeks shortly after the assaults.
Christine Todd Whitman, administrator of the EPA within the aftermath of the attacks, was heavily criticized by a U.S. District Judge for incorrectly saying that the world was environmentally secure. Mayor Giuliani was criticized for urging monetary trade personnel to return shortly to the greater Wall Street space.
Reopening, the Dow Jones Industrial Average fell 684 factors, or 7.1%, to 8921, a record-setting one-day point decline. By the tip of the week, the DJIA had fallen 1,369.7 points (14.three%), on the time its largest one-week point drop in history. In 2001 dollars, U.S. shares misplaced $1.four trillion in valuation for the week. The desk shows that the September 11 assaults had a significant impact on the economic system of New York City , in comparison with the United States' financial system total . Years after the attacks, authorized disputes over the prices of sicknesses associated to the assaults have been still within the court docket system.