Attacks will cost Canada $5b

Canadian mining, along with manufacturing, transportation, tourism and retail, lost a total of $1.2 billion as a result of the Sept. 11 terrorist attacks in New York City, according to a report by a House of Commons committee.

Overall, the attacks will cost Canada as much as $5 billion in lost production.

Liberal Member of Parliament Susan Whelan, chair of the industry committee that produced the report, says the attacks shook investor confidence in North America and that “this propelled an already weak North American economy further downward.”

The committee estimates that increased security at airports and border crossings, combined with compensation paid to the airline and tourism sectors, will cost the federal government $500 million.