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NYC Marathon Cancelled, Comes At High Cost

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Mayor Michael Bloomberg cancelled the New York City Marathon Friday afternoon after Hurricane Sally damaged the city.

"We would not want a cloud to hang over the race or its participants, and so we have decided to cancel it," Bloomberg said.

Critics urged Bloomberg to cancel the marathon throughout the week. The mayor remained steadfast in holding the race until reversing his decision late on Friday.

The marathon was going to be held on Sunday. It is a huge financial boon for the city. Accoring to the New York Times, the race brings in $340 million annually in spending.

"It helps businesses," said Deputy Mayor Howard Wolfson. "I am sure there will be a lot of businesses in Brooklyn that will be feeling the absence of the marathon on Sunday. People won't be buying things as they watch."

Hurricane Sandy continues to cause significant financial damage to New York City.

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