The World Trade Center disaster will cost New York's economy as much as $105 billion over the next two years.
City officials have warned of budget difficulties even with big federal help.
Although the city may limp through this year without major problems, city comptroller Mr Alan Hevesi said billions of dollars in lost revenue will begin causing financial headaches as early as July.
After the September 11th attack, Congress earmarked $20 billion to help New York with its recovery. Some of an additional $20 billion authorised for anti-terrorist measures will also end up in New York.
According to Mr Hevesi, the Trade Center's destruction cost $6.7 billion; $12 billion was lost in computers and other office equipment; rebuilding the complex will cost $5.3 billion; and the city's economy will lose $11 billion in spending by the thousands of victims.
Mr Hevesi also said 115,300 jobs would be lost this year, although that number could be offset by gains in construction and other fields involved in cleanup and rebuilding.
The city's economy is estimated at about $380 billion a year, and Mr Hevesi's analysis estimates the attack may cost New York up to $105 billion by June 2003 because of lost revenue, damage and rebuilding.
AP