While many municipal market observers are still sifting through Mayor Michael Bloomberg’s far-reaching plan to harden New York City from future storms such as Hurricane Sandy, Bloomberg’s vision and the $20 billion cost of the plan stand out to some of them.

“It’s a hefty price tag. It’s expensive to say the least. And $20 billion may not be the full amount,” said Anthony Figliola, vice president of Empire Government Strategies in Uniondale, N.Y. “When they throw these numbers out, let’s be honest, cost overruns come later.

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