Major economic effects arose from September 11, 2001 attacks, with initial shock causing global stock markets to drop sharply. The attacks themselves caused approximately $40 billion in insurance losses, making it one of the largest insured events ever.^[1] A sequential look at United Flight 175 crashing into the south tower of the World Trade Center The September 11, 2001 attacks (often referred to as 9/11—pronounced nine eleven or nine one one) consisted of a series of coordinated terrorist[1] suicide attacks upon the United States, predominantly... September 11, 2001 attacks timeline Background History 1972: One World Trade Center completed. ... THIS ARTICLE CONTAINS THE PHRASE FUCK THE US GOVERNMENT HIDDEN THROUGHOUT THE ARTICLE...IT REQUIRES IMMEDIATE CLEAN UP // According to the presidents of the United States and the Philippines, the September 11, 2001 attacks originated with Operation Bojinka (a plan that was not executed), which was conceived by Khalid Shaikh... The September 11, 2001 attacks, in addition to being a unique act of aggression, constituted a media event on a scale not seen since the advent of civilian global satellite links, round-the-clock television news organizations and the instant worldwide reaction and debate made possible by the Internet. ... All times, except where otherwise noted, in New York Time (EDT). ... All times, except where otherwise noted, in New York Time (EDT). ... // 2001 November Thursday, November 1, 2001 Afternoon: Deputy Mayor Anthony P. Coles meets with the two firefighter union leaders, Fire Capt. ... According to the 9/11 Commission, between 16,400 and 18,800 civilians were in the World Trade Center complex at the time of the 11 September 2001 attacks. ... This does not cite its references or sources. ... Flight 11 redirects here. ... United Airlines Flight 175 was a morning flight that regularly flew from Logan International Airport in East Boston, Massachusetts to Los Angeles International Airport (LAX) in Los Angeles, California. ... Security camera image showing American Airlines Flight 77 (highlighted) just before and after impact. ... For other uses of Flight 93 and United 93, see Flight 93. ... For other uses, see World Trade Center (disambiguation). ... This article is about the United States military building. ... Main Street in Shanksville. ... The September 11, 2001 attacks defined the first term of President George W. Bush and led to what he has called the Global War on Terrorism, or war against terrorism. ... Box-cutter knives were apparently used in the September 11, 2001 attacks, though such knives are not usually considered weapons. ... The September 11, 2001, attacks had an important impact on the audiovisual entertainment business, not just in terms of television coverage. ... Many closings and cancellations followed the September 11, 2001 attacks, including major landmarks, buildings, as well as postponement or cancellation of major sporting and other events. ... A variety of conspiracy theories question the mainstream account of the September 11, 2001 attacks against the United States. ... Soon after the attacks of September 11, 2001, the United States Government began detaining people who fit the profile of the suspected hijackers: mostly male, Arabic or Muslim noncitizens. ... The September 11, 2001 attacks have been the subject of numerous films and other works of art and literature, including: // Hollywoods first reaction to the September 11 attacks was to alter, delay or even cancel films that unintentionally evoked the disaster. ... There has been growing concern over the health effects of the September 11, 2001 attacks in the Financial District of lower Manhattan. ... This article talks about the aftermath of the September 11, 2001 attacks. ... The following worldwide effects arose from the September 11, 2001 attacks: All Canadian military bases increased their level of security awareness. ... The response of the U.S. government to the September 11, 2001 attacks sparked investigations into the motivations and execution of the attacks, as well as the ongoing War on Terrorism in Iraq. ... A bucket brigade works to clear rubble and debris on September 14, 2001 The area surrounding the World Trade Center became the site of the greatest number of casualties and missing, and physical destruction. ... Charities and relief agencies raised over $657 million in the three weeks following the September 11, 2001 attacks, the vast bulk going to immediate survivors and victims families. ... Operation Yellow Ribbon is the name of the operation that Transport Canada created to handle the diversion of civilian airline flights following the September 11, 2001, attacks. ... The first memorials to the victims of the September 11, 2001 attacks began to take shape online, as hundreds of webmasters posted their own thoughts, links to the Red Cross, and other rescue agencies, photos and eyewitness accounts. ... Cartoon that PMW claim is part of a long tradition of celebrating the September 11, 2001 Attacks. ... The United States government identified 19 hijackers as being responsible for the September 11, 2001 attacks, and linked the attacks to Osama bin Laden. ... The September 11, 2001 attacks were carried out by 19 hijackers, with planning and organization of the attacks involving numerous additional members of al-Qaeda. ... Communications problems and successes played an important role in the September 11, 2001 attacks and their aftermath. ... Ground Zero debris with markup showing building locations. ... The September 11, 2001 attacks on the United States spawned a number of catchphrases, terms, and slogans, many of which continue to be used a half-decade after the event. ... For the anniversary of the beginning of the American Revolution, see Patriots Day. ... The Joint Inquiry into Intelligence Community Activities before and after the Terrorist Attacks of September 11, 2001 is the official name of the inquiry conducted by the Senate Select Committee on Intelligence and the House Permanent Select Committee on Intelligence into the activities of the U.S. Intelligence Community in... The cover of the final 9/11 report 9/11 Commission Report, formally titled Final Report of the National Commission on Terrorist Attacks Upon the United States, is the official report of the events leading up to the September 11, 2001 attacks. ... PENTTBOM is the code-name for the FBI investigation into the September 11, 2001 attacks on New York and Washington, D.C, the largest criminal investigation in U.S. history. ... A sequential look at United Flight 175 crashing into the south tower of the World Trade Center The September 11, 2001 attacks (often referred to as 9/11—pronounced nine eleven or nine one one) consisted of a series of coordinated terrorist[1] suicide attacks upon the United States, predominantly...

Financial markets

Stock exchanges closed between September 10, 2001 and September 17, 2001. After the initial panic, the DJIA quickly rose for only a slight drop.

The opening of the New York Stock Exchange (NYSE) was delayed after the first plane crashed into the World Trade Center's north tower, and trading for the day cancelled after the second plane crashed into the South Tower. NASDAQ also cancelled trading. The London Stock Exchange and other stock exchanges were also evacuated. The New York Stock exchanges remained closed until the following Monday. This was the third time in history that the NYSE experienced prolonged closure, and first time since March 1933, though the NYSE also shut down for a few months at the beginning of World War II.^[2] Trading on the United States bond market also ceased, with the leading government bond trader, Cantor Fitzgerald based in the World Trade Center.^[2] The New York Mercantile Exchange was also closed for a week after the attacks.^[3] Image File history File links This is a lossless scalable vector image. ... Image File history File links This is a lossless scalable vector image. ... is the 253rd day of the year (254th in leap years) in the Gregorian calendar. ... This article is about the year. ... is the 260th day of the year (261st in leap years) in the Gregorian calendar. ... This article is about the year. ... Linear graph of the DJIA from 1901 until today Logarithmic graph of the DJIA from 1901 until today The Dow Jones Industrial Average (NYSE: DJI, also called the DJIA, Dow 30, or informally the Dow Jones or The Dow) is one of several stock market indices created by nineteenth-century... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Flight 11 redirects here. ... For other uses, see World Trade Center (disambiguation). ... United Airlines Flight 175 was a morning flight that regularly flew from Logan International Airport in East Boston, Massachusetts to Los Angeles International Airport (LAX) in Los Angeles, California. ... NASDAQ in Times Square, New York City. ... The Source by Greyworld, in the new LSE building Paternoster Square. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... The bond market, also known as the debit, credit, or fixed income market, is a financial market where participants buy and sell debt securities usually in the form of bonds. ... Cantor Fitzgerald Securities is an investment bank specializing in bond trading. ... The New York Mercantile Exchange (NYMEX) is the worlds largest physical commodity futures exchange, located in New York City. ...

The Federal Reserve issued a statement, saying it was "open and operating. The discount window is available to meet liquidity needs."^[4]. The Federal Reserve added $100 billion in liquidity per day, during the three days following the attack, to help avert a financial crisis.^[3] Federal Reserve Governor Roger W. Ferguson, Jr., the only Governor in Washington, D.C. on the day of the attacks, has described in detail this and the other actions that the Fed undertook to maintain a stable economy and offset potential disruptions arising in the financial system.^[5] The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ... The discount window is an instrument of monetary policy (usually controlled by central banks) that allows eligible institutions to borrow money, usually on a short-term basis, to meet temporary shortages of liquidity caused by internal or external disruptions. ... Market liquidity is a business or economics term that refers to the ability to quickly buy or sell a particular item without causing a significant movement in the price. ... Dr. Roger W. Ferguson, Jr. ... For other uses, see Washington, D.C. (disambiguation). ...

Gold prices spiked upwards, from $215.50 to $287 an ounce in London trading.^[2] Oil prices also spiked upwards.^[6] Gas prices in the United States also briefly shot up, though the spike in prices only lasted about one week.^[3]

Currency trading continued, with the United States dollar falling sharply against the Euro, British pound, and Japanese yen.^[2] The next day, European stock markets fell sharply, including declines of 4.6% in Spain, 8.5% in Germany,^[2] and 5.7% on the London Stock Exchange.^[7] Stocks in the Latin American markets also plunged, with a 9.2% drop in Brazil, 5.2% drop in Argentina, and 5.6% decline in Mexico, before trading was halted.^[2] USD redirects here. ... For other uses, see Euro (disambiguation). ... GBP redirects here. ... Yen redirects here. ... Latin America consists of the countries of South America and some of North America (including Central America and some the islands of the Caribbean) whose inhabitants mostly speak Romance languages, although Native American languages are also spoken. ...

Economic sectors

In international and domestic markets, stocks of companies in some sectors were hit particularly hard. Travel and entertainment stocks fell, while communications, pharmaceutical and military/defense stocks rose. Online travel agencies particularly suffered, as they cater to leisure travel.

Insurance

Insurance losses due to 9/11 were more than one and a half times greater than the what was previously the largest disaster (Hurricane Andrew) in terms of losses. The losses included business interruption ($11.0 billion), property ($9.6 billion), liability ($7.5 billion), and workers compensation ($1.8 billion), and others ($2.5 billion). The firms with the largest losses included Berkshire Hathaway, Lloyd's, Swiss Re, and Munich Re, all which are reinsurers, with more than $2 billion each in losses.^[8] Shares of major reinsurers, including Swiss Re and Baloise Insurance Group dropped by more than 10%, while shares of Swiss Life dropped 7.8%.^[9] Although the insurance industry held reserves that covered the 9/11 attacks, insurance companies were reluctant continue providing coverage for any future terrorist attacks. Only a few insurers offer such coverage, and it is limited and very expensive.^[1] Lowest pressure 922 mbar (hPa; 27. ... In the most general sense, a liability is anything that is a hindrance, or puts individuals at a disadvantage. ... Workers compensation programs and laws exist to protect employees who are injured while on the job. ... Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. ... Lloyds of London is a British insurance market. ... 30 St Mary Axe - at 180 m, Swiss Res London headquarters is the 6th tallest building in London Swiss Re is the worlds second-largest reinsurance company (after Munich Re/ Münchener Rück), and the worlds largest life and health reinsurer. ... Headquarters in Munich Munich Re AG, in German Münchener Rück AG, is one of the worlds largest reinsurance companies with over 5000 customers in 160 countries and has its headquarters in Munich, Germany. ... Reinsurance refers to the situations where insurance companies insure against losses they may incur. ... 30 St Mary Axe - at 180 m, Swiss Res London headquarters is the 6th tallest building in London Swiss Re is the worlds second-largest reinsurance company (after Munich Re/ Münchener Rück), and the worlds largest life and health reinsurer. ... Swiss Life AG headquarters in Zurich The Swiss Life group is the largest life insurance company of Switzerland. ...

Airlines and aviation

Flights were grounded in various places across the United States and Canada that did not necessarily have the operational support in place, such as dedicated ground crews. A large number of transatlantic flights landed in Gander in Newfoundland and in Halifax, Nova Scotia, with the logistics handled by Transport Canada in Operation Yellow Ribbon. To help with immediate needs for victims' families, United Airlines and American Airlines both provided initial payments of $25,000.^[10] The airlines were also required to refund ticket purchases for anyone unable to fly.^[10] Gander International Airport (IATA: YQX, ICAO: CYQX) is located in Gander, Newfoundland and Labrador, Canada, and is currently run by the Gander Airport Authority. ... This article is about the Canadian province of Newfoundland and Labrador. ... Motto: E Mari Merces(Latin) From the Sea, Wealth Coordinates: , Country Province Established April 1, 1996 Government  - Type Regional Municipality  - Mayor Peter Kelly  - Governing body Halifax Regional Council  - MPs List of MPs Alexa McDonough Geoff Regan Michael Savage Peter Stoffer (Bill Casey) (Gerald Keddy) (Peter MacKay)  - MLAs List of MLAs... Motto: Munit Hae et Altera Vincit (Latin: One defends and the other conquers) Capital Halifax Largest city Halifax Regional Municipality Largest metro Halifax Regional Municipality Official languages English (de facto), French Government Lieutenant-Governor Mayann E. Francis Premier Rodney MacDonald (PC) Federal representation in Canadian Parliament House seats 11 Senate... Transport Canada is the department within the government of Canada which is responsible for developing regulations, policies and services of transportation in Canada. ... Operation Yellow Ribbon is the name of the operation that Transport Canada created to handle the diversion of civilian airline flights following the September 11, 2001, attacks. ... United Airlines is a major airline of the United States. ... American Airlines, Inc. ...

The 9/11 attacks compounded financial troubles that the airline industry already was experiencing before the attacks. Share prices of airlines and airplane manufacturers plummeted after the attacks. Midway Airlines, already on the brink of bankruptcy, shut down operations almost immediately afterwards. Other airlines were threatened with bankruptcy, and tens of thousands of layoffs were announced in the week following the attacks. To help the industry, the federal government provided an aid package to the industry, including $10 billion in loan guarantees, along with $5 billion for short-term assistance.^[1] Midway Airlines refers to two airline companies in the United States. ...

Tourism

Tourism in New York City plummeted, causing massive losses in a sector which employed 280,000 people and generated $25 billion per year. In the week following the attack, hotel occupancy fell below 40%, and 3,000 employees were laid off. Tourism and hotel occupancy also fell drastically across the nation. New York, New York and NYC redirect here. ... Tourist redirects here. ...

Security

Since the 9/11 attacks, substantial resources have been put towards improving security, not only in the areas of homeland security and national defense, but also to improve security in the private sector.^[3] For the United States Cabinet department, see United States Department of Homeland Security. ... Any activity or effort performed to protect a nation against attack or other threats. ...

New York City

In New York City, there were approximately 430,000 lost job months and $2.8 billion in lost wages, which occurred in the three months following the 9/11 attacks. The economic effects were mainly focused on the city's export economy sectors.^[11] The GDP for New York City was estimated to have declined by $27.3 billion, for the last three months of 2001 and all of 2002. The Federal government provided $11.2 billion in immediate assistance to the Government of New York City in September 2001, and $10.5 billion in early 2002 for economic development and infrastructure needs.^[12] GDP is an acronym which can stand for more than one thing: (in economics) an abbreviation for Gross Domestic Product. ... New York City has been a metropolitan municipality with a strong mayor-council form of government since its consolidation in 1898. ...

The 9/11 attacks also had great impact on small businesses in Lower Manhattan, located near the World Trade Center. Approximately 18,000 small businesses were destroyed or displaced after the attacks. The Small Business Administration provided loans as assistance, while Community Development Block Grants and Economic Injury Disaster Loans were other ways that the Federal Government provided assistance to small business effected by the 9/11 attacks.^[12] Woolworth Building, looking south along Broadway Lower Manhattan, from the Brooklyn Bridge, 2005 Rigid airship the USS Akron over Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. ... For other uses, see World Trade Center (disambiguation). ... Mom and pop store redirects here. ... The Small Business Administration (SBA) is a United States government agency that provides support to small businesses. ...

References

External links

• Attack Gave a Devastating Shove to the City's Teetering Economy, The New York Times, September 8, 2002
• As Companies Scatter, Doubts on Return of Financial District, The New York Times, September 16, 2002