As Hurricane Sandy's human costs have become clearer, the financial losses after the storm seem similarly staggering.

On Tuesday, one estimate from IHS Global Insight put total costs at somewhere between $30 billion and $50 billion, including $20 billion in infrastructure damages. Hurricane Irene, which struck the Northeast in August of 2011, cost about $13 billion in economic damages, according to data compiled by Moody’s Analytics.

As high as the numbers seem, economists say the overall impact on the economy will be minor -- some costs from the hurricane will be paid by insurers, and others will be offset with rebuilding and recovery efforts.

“The rebuilding will kick into high gear pretty quickly. It’s already begun,” Mark Zandi, chief economist at Moody’s Analytics told The Huffington Post. “A few weeks down the road, I don’t think we’ll see big economic consequences.”

The bill for Monday's storm is huge and growing: About 8 million Americans are without power, the New York City subway system has been shut down and has experienced flooding, and more than 14,000 flights have been canceled. Car sales and retail sales are likely to take a hit, Zandi said. Gas prices may even rise, according to IHS Global Insight.

But economists say that since insurance and government aid will cover much of the rebuilding, the national economy is unlikely to take a hit in the medium-term. Government aid and insurance typically have amounted to more than half of the economic costs of major disasters, according to data from Moody’s Analytics.

The hurricane also is unlikely to have much of an effect on the federal budget deficit. Government aid after Hurricane Irene totaled just $1.7 billion, according to Moody's Analytics. The deficit, in contrast, is $1.1 trillion. Gregory Daco, senior principal economist at IHS Global Insight, said that political wrangling over the cost of government aid is unlikely, considering that many politicians have dialed back their campaigns in the storm's wake.

Daco said he estimates that the hurricane will slightly hurt employment and will take a 0.5 percent cut out of real gross domestic product (GDP) in the last three months of the year. But Paul Ashworth, chief U.S. economist at Capital Economics, said that the hurricane's net impact could even boost GDP because of rebuilding efforts.

Justin Wolfers, an economics professor at the University of Michigan, noted that these statistics do not capture the hurricane's full impact. "Economic statistics in response to a hurricane bear little relation to well-being," he said. "GDP may go up a little, it may go down a little, but frankly I don't care. What I care about is that well-being is down because there was destruction, anxiety, fear, and worry."

Zandi said that workers who are unable to work now will be able to make up for it with overtime work later. He noted that most infrastructure that keeps the economy going, including cell towers, refineries and airports, is still intact, and that power outages are likely to be remedied soon. “We’re already getting back to work,” he said.

Most of Hurricane Sandy's economic impact will come from property damage, not lost work, Zandi said. Insurance companies can handle the losses, he added, since they are “well reserved and well prepared,” and their payouts still are likely to be below expectations for the year.

Ashworth noted that property repairs and infrastructure clean-up will help make up for any economic losses, since people will be getting paid to do the repairs. He added that many workers stuck at home are still getting paid and may be working remotely, and that workers are likely to get back to work in the next few days.

“It’s almost as if a lot of activity on the East Coast simply isn’t taking place ... but I don’t think there will be a lasting impact on the economy,” Ashworth said.

Earlier on HuffPost:

Loading Slideshow...
  • A casket floated out of the grave in a cemetery in Crisfield, Md. after the effects of superstorm Sandy Tuesday, Oct. 30, 2012. Hundreds of people were displaced by floodwaters in Ocean City and in Crisfield. At the same time, 2 feet of snow fell in westernmost Garrett County, were nearly three-quarters of residents lost power. (AP Photo/Alex Brandon)

  • An ambulance is submerged in floodwaters in the wake of superstorm Sandy on Tuesday, Oct. 30, 2012, in Hoboken, N.J. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Mike Groll)

  • A vehicle drives on a flooded street in the wake of superstorm Sandy on Tuesday, Oct. 30, 2012, in Hoboken, N.J. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Mike Groll)

  • A firehouse is surrounded by floodwaters in the wake of superstorm Sandy on Tuesday, Oct. 30, 2012, in Hoboken, N.J. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Mike Groll)

  • A vehicle drives on a flooded street in the wake of superstorm Sandy on Tuesday, Oct. 30, 2012, in Little Ferry, N.J. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Mike Groll)

  • An emergency vehicle drives on a flooded street in Little Ferry, N.J. in the wake of superstorm Sandy on Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Mike Groll)

  • An emergency vehicle drives on a flooded street in Little Ferry, N.J. in the wake of superstorm Sandy on Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Mike Groll)

  • Rescue workers help stranded people out of their flooded homes in Seaside Heights, N.J., following the arrival of superstorm Sandy, Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Julio Cortez)

  • Rescue workers help stranded people out of their flooded homes in Seaside Heights, N.J., following the arrival of superstorm Sandy, Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Julio Cortez)

  • A runway at the Teterboro Airport is flooded in the wake of superstorm Sandy on Tuesday, Oct. 30, 2012, in New York. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Mike Groll)

  • Homes in Bethany Beach, Del. are surrounded by floodwaters from superstorm Sandy on Tuesday, Oct. 30, 2012. Officials said Bethany and nearby Fenwick Island appeared to be among the hardest-hit parts of the state. (AP Photo/Randall Chase)

  • Floodwaters from superstorm Sandy surround homes in South Bethany, Del. Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/The Wilmington News-Journal, Robert Craig) NO SALES

  • Floodwaters from superstorm Sandy surround homes in South Bethany, Del. Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/The Wilmington News-Journal, Robert Craig) NO SALES

  • Downed power lines and a battered road is what superstorm Sandy left behind as people walk off the flooded Seaside Heights island, Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Julio Cortez)

  • This photo provided by the Metropolitan Transportation Authority shows the South Ferry subway station after it was flooded by seawater during superstorm Sandy on Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/ Metropolitan Transportation Authority)

  • Debris litters the beach north of Indian River Inlet in southern Delaware after waves churned up by superstorm Sandy demolished hundreds of yards of beach dunes and left state Route 1, the major north-south coastal highway, covered in sand. (AP Photo/Randall Chase)

  • This photo provided by the Metropolitan Transportation Authority shows the South Ferry subway station after it was flooded by seawater during superstorm Sandy on Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/ Metropolitan Transportation Authority)

  • This photo provided by the Metropolitan Transportation Authority shows the South Ferry subway station after it was flooded by seawater during superstorm Sandy on Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/ Metropolitan Transportation Authority)

  • Streets around a Con Edison substation are flooded as the East River overflows into the Dumbo section of Brooklyn, N.Y., as Sandy moves through the area on Monday, Oct. 29, 2012. After a gigantic wall of water defied elaborate planning and swamped underground electrical equipment at a Consolidated Edison substation in Manhattan's East Village, about 250,000 lower Manhattan customers were left without power. (AP Photo/Bebeto Matthews)

  • In this Monday, Oct. 29, 2012, file photo, Consolidated Edision trucks are submerged on 14th Street near the ConEd power plant in New York. After a gigantic wall of water defied elaborate planning and swamped underground electrical equipment at a Consolidated Edison substation in Manhattan's East Village, about 250,000 lower Manhattan customers were left without power. (AP Photo/John Minchillo)

  • Downed power lines and a battered road is what superstorm Sandy left behind as people walk off the flooded Seaside Heights island, Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Julio Cortez)

  • This photo taken Tuesday, Oct. 30, 2012, shows what appear to be transformers exploding after much of lower Manhattan lost power during hurricane Sandy in New York. After a gigantic wall of water defied elaborate planning and swamped underground electrical equipment at a Consolidated Edison substation in Manhattan's East Village, about 250,000 lower Manhattan customers were left without power. (AP Photo/Karly Domb Sadof)

  • Peter Andrews removes belongings from his father's beachfront home, destroyed in the aftermath of a storm surge from the superstorm Sandy, Tuesday, Oct. 30, 2012, in Coney Island's Sea Gate community in New York. Andrews, 40, who was born in the house, said "we had a lot of storms and the only damage in the past was when a national guardsman threw a sandbag through the window." He added, the house was in the process of being sold. (AP Photo/Bebeto Matthews)

  • A small shop that rents personal water craft rests in a huge sinkhole on the bayside in Ocean City, N.J. Tuesday, Oct. 30, 2012 after a storm surge from superstorm Sandy Monday night. (AP Photo/Mel Evans)

  • A beachfront house is completely destroyed in the aftermath of a superstorm Sandy, Tuesday, Oct. 30, 2012, in Coney Island's Sea Gate community in New York. (AP Photo/Bebeto Matthews)

  • The entrance to a beachfront house is destroyed in the aftermath of a storm surge from superstorm Sandy, Tuesday, Oct. 30, 2012, in Coney Island's Sea Gate community in New York. (AP Photo/Bebeto Matthews)

  • A second floor closet is exposed in a beachfront house in the aftermath of a storm surge from Hurricane Sandy, Tuesday, Oct. 30, 2012, in Coney Island's Sea Gate community in New York. (AP Photo/Bebeto Matthews)

  • People stop along the Brooklyn waterfront to photograph the Brooklyn Bridge and the Manhattan skyline, Tuesday, Oct. 30, 2012 in New York. Much of lower Manhattan is without electric power following the impact of superstorm Sandy. (AP Photo/Mark Lennihan)

  • Marcus Konner, 22, boards his home in the aftermath of a storm surge from Hurricane Sandy, Tuesday, Oct. 30, 2012, in Coney Island's Sea Gate community in New York. (AP Photo/Bebeto Matthews)

  • People walk through the houses destroyed in the aftermath of yesterday's storm surge from superstorm Sandy, Tuesday, Oct. 30, 2012, in Coney Island's Sea Gate community in New York. (AP Photo/Bebeto Matthews)

  • Carlo Popolano stands outside his beachfront home, damaged in superstorm Sandy, on Tuesday, Oct. 30, 2012, in Coney Island's Sea Gate community in New York. Popolano said he was watching the storm with his son and "everything was okay until about 7:30 and then one big wave came and washed away our whole backyard." (AP Photo/Bebeto Matthews)

  • A beachfront house is completely destroyed in the aftermath of yesterday's surge from superstorm Sandy, Tuesday, Oct. 30, 2012, in Coney Island's Sea Gate community in New York. (AP Photo/Bebeto Matthews)

  • A backyard is inundated with floodwaters in the aftermath of Sandy, Tuesday, Oct. 30, 2012, in Lewes, Del. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Randall Chase)

  • A car is upended on a mailbox on Surf Avenue in Coney Island, N.Y., in the aftermath of Sandy on Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Ralph Russo)

  • This handout photo provided by NOAA, taken Tuesday, Oct. 30, 2012, shows post-tropical storm Sandy off the East Coast of the US. Campaign 2012 is rich with images that conjure the seriousness and silliness that unfold side-by-side in any presidential race. Who could have predicted that a superstorm would overshadow and scramble the presidential campaign in its final days? President Barack Obama and Mitt Romney revised and re-revised their campaign schedules as Hurricane Sandy, a most unlikely October surprise, barreled up the East Coast and then roared ashore in New Jersey. (AP Photo/NOAA)

  • A parking lot full of yellow cabs is flooded as a result of superstorm Sandy on Tuesday, Oct. 30, 2012 in Hoboken, NJ. (AP Photo/Charles Sykes)

  • A beachfront house is damaged in the aftermath of yesterday's surge from superstorm Sandy, Tuesday, Oct. 30, 2012, in Coney Island's Sea Gate community in New York. (AP Photo/Bebeto Matthews)

  • A car is upended on a mailbox on Surf Avenue in Coney Island, N.Y., in the aftermath of Sandy on Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Ralph Russo)

  • Damage caused by a fire at Breezy Point is shown Tuesday, Oct. 30, 2012, in New York. A fire department spokesman says more than 190 firefighters are at the blaze in the Breezy Point section. Fire officials say the blaze was reported around 11 p.m. Monday in an area flooded by the superstorm that began sweeping through earlier. (AP Photo/Frank Franklin II)

  • Fire still burns at the scene of a fire in Breezy Point, in the New York City borough of Queens Tuesday, Oct. 30, 2012, in New York. The fire destroyed between 80 and 100 houses Monday night in the flooded neighborhood. More than 190 firefighters have contained the six-alarm blaze fire, but they are still putting out some pockets of fire. (AP Photo/Frank Franklin II)

  • East Coast Begins To Clean Up And Assess Damage From Hurricane Sandy

    ATLANTIC CITY, NJ - OCTOBER 30: People stand on a mound of construction dirt to vew the area where a 2000-foot section of the 'uptown' boardwalk was destroyed by flooding from Hurricane Sandy on October 30, 2012 in Atlantic City, New Jersey. The storm has claimed at least 33 lives in the United States, and has caused massive flooding accross much of the Atlantic seaboard. US President Barack Obama has declared the situation a 'major disaster' for large areas of the US East Coast including New York City. (Photo by Mario Tama/Getty Images)

  • Homes damaged by a fire at Breezy Point are shown, in the New York City borough of Queens Tuesday, Oct. 30, 2012, in New York. The fire destroyed between 80 and 100 houses Monday night in the flooded neighborhood. More than 190 firefighters have contained the six-alarm blaze fire, but they are still putting out some pockets of fire. (AP Photo/Frank Franklin II)

  • East Coast Begins To Clean Up And Assess Damage From Hurricane Sandy

    ATLANTIC CITY, NJ - OCTOBER 30: A man walks over debsris where a 2000-foot section of the 'uptown' boardwalk was destroyed by flooding from Hurricane Sandy on October 30, 2012 in Atlantic City, New Jersey. The storm has claimed at least 33 lives in the United States, and has caused massive flooding accross much of the Atlantic seaboard. US President Barack Obama has declared the situation a 'major disaster' for large areas of the US East Coast including New York City. (Photo by Mario Tama/Getty Images)

  • East Coast Begins To Clean Up And Assess Damage From Hurricane Sandy

    NEW YORK, NY - OCTOBER 30: Ground Zero is seen on October 30, 2012 in the Financial District of New York, United States. The storm has claimed at least 33 lives in the United States, and has caused massive flooding accross much of the Atlantic seaboard. US President Barack Obama has declared the situation a 'major disaster' for large areas of the US East Coast including New York City. (Photo by Andrew Burton/Getty Images)

  • US-WEATHER-STORM-SANDY

    Sailboats rest on the ground after being tipped over by Hurricane Sandy on City Island October 30, 2012 in New York. US President Obama declared New York a disaster area. The death toll from superstorm Sandy has risen to 16 in the mainland United States and Canada, and was expected to climb further as several people were still missing, officials said Tuesday. AFP PHOTO/DON EMMERT (Photo credit should read DON EMMERT/AFP/Getty Images)

  • US-WEATHER-STORM-SANDY

    Boats rest on the ground after floating from their stands at dry dock on City Island , in New York October 30, 2012 following Hurricane Sandy's impact. US President Obama declared New York a disaster area The death toll from superstorm Sandy has risen to 16 in the mainland United States and Canada, and was expected to climb further as several people were still missing, officials said Tuesday. AFP PHOTO/DON EMMERT (Photo credit should read DON EMMERT/AFP/Getty Images)

  • Homes destroyed by a fire at Breezy Point are shown, in the New York City borough of Queens Tuesday, Oct. 30, 2012, in New York. The fire destroyed between 80 and 100 houses Monday night in the flooded neighborhood. More than 190 firefighters have contained the six-alarm blaze fire, but they are still putting out some pockets of fire. (AP Photo/Frank Franklin II)

  • US-WEATHER-STORM-SANDY

    Boats rest on the ground after floating from their stands at dry dock on City Island , in New York October 30, 2012 following Hurricane Sandy's impact. US President Obama declared New York a disaster area The death toll from superstorm Sandy has risen to 16 in the mainland United States and Canada, and was expected to climb further as several people were still missing, officials said Tuesday. AFP PHOTO/DON EMMERT (Photo credit should read DON EMMERT/AFP/Getty Images)

  • US-WEATHER-STORM-SANDY

    Residents look at damage left by Hurricane Sandy on City Island, New York, October 30, 2012. US President Obama declared New York a disaster area The death toll from superstorm Sandy has risen to 16 in the mainland United States and Canada, and was expected to climb further as several people were still missing, officials said Tuesday. AFP PHOTO/DON EMMERT (Photo credit should read DON EMMERT/AFP/Getty Images)

  • US-WEATHER-STORM-SANDY

    Boats rest on the ground after floating from their stands at dry dock on City Island , in New York October 30, 2012 following Hurricane Sandy's impact. US President Obama declared New York a disaster area The death toll from superstorm Sandy has risen to 16 in the mainland United States and Canada, and was expected to climb further as several people were still missing, officials said Tuesday. AFP PHOTO/DON EMMERT (Photo credit should read DON EMMERT/AFP/Getty Images)

  • East Coast Begins To Clean Up And Assess Damage From Hurricane Sandy

    NEW YORK, NY - OCTOBER 30: A truck drives through a flooded street, caused by Hurricane Sandy, on October 30, 2012, in the Lower East Side of New York City. The storm has claimed at least 33 lives in the United States, and has caused massive flooding accross much of the Atlantic seaboard. US President Barack Obama has declared the situation a 'major disaster' for large areas of the US East Coast including New York City. (Photo by Andrew Burton/Getty Images)