9/11 attacks changed world’s economy

The terror attacks on September 11, 2001 took a terrible human toll and sparked a war on terror. They also changed the world’s economy — reducing global growth, pummeling industries, and costing billions of dollars.

The 9/11 attacks took place six years ago. But the reverberations of that day are still being felt.

Economists say that every American has felt a bottom line impact from the terrorist attacks.

A congressional research report says that in the first two years after 9/11, $600 billion in economic output was destroyed — resulting in a one per cent decline in global GDP.

The buildings and infrastructure toppled at ground zero generated more than $34 billion in insurance claims. It cost more than $575 million to re-construct the Pentagon.

And seven billion was spent on compensating the families of the almost 3,000 victims of 9/11.

There are even wider effects. Insurance premiums have shot up by 5 percent since September 11th, 2001.

More than a quarter of a million people in the travel industry lost their jobs in the wake of the attacks.

Experts say global oil prices include a $6-$10 per barrel “terror premium,” while American businesses now spend $250 billion a year more on security for their operations and employees.