While New York’s Metropolitan Transportation Authority is still sifting through cost estimates from Hurricane Sandy, one thing is certain: the authority, contrary to what it said right after the storm hit last month, will have to borrow, and borrow big, to fully restore its system.

Financial officials told the authority’s board on Wednesday that the MTA, whose 108-year-old system sustained its worst damage ever, may be on the hook for an estimated $950 million of its nearly $5 billion of losses, assuming standard recoveries from its insurance policies and 75% from the Federal Emergency Management Agency.

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