The September 11, 2001 terrorist attack was the most violent blow against the mainland United States and a symbolic attack on its capitalism and commerce. It shut down one of the world’s busiest commercial centers for weeks, destroyed or damaged billions of dollars worth of property, and forced many American employers to slash their payrolls or move jobs to other areas. The immediate economic effect was substantial, but how badly did 9/11 affect America’s economy in the longer term? There are a plethora or overabundance of studies on the economic impact of 9/11. Unfortunately, none of them agree and many are based on preliminary data that has since proven false.

The loss however includes: direct losses; human lives (insurance costs), property costs, emergency response and clean-up costs, health effects, and temporary housing. The indirect losses; lost employee income from firms that closed or were cut back, lost employee income from firms that were dependent on firms that were closed or cut back, lost expenditures by firms that were closed or cut back, lost tax revenues, and travel delays for commuters etc. for example the New York Stock Exchange, the American Stock Exchange and NASDAQ did not open on 9/11 and remained closed until 9/17. In addition, North American air space was closed for several days after the attacks and air travel decreased significantly upon it’s reopening. As of 2005, the U.S. airline industry has not fully recovered, and only a handful of American airline corporations are performing well.

The governmental response in the months following 9/11 was greater than in an ordinary recession and may well have kept both the terrorist attacks and the gathering economic clouds from creating an even more stormy economy. The lopsided approach though quicker, was more generous to business than to workers. In fact, the government made some loans to airlines contingent on their gaining concessions from labor-a choice that could have ominous implications that could go well beyond that particular industry. Further, Washington failed to address the serious inadequacies of the unemployment insurance system.

Socially, following 9/11, there was widespread concern of a backlash against Muslim- and Arab-Americans, who might face increased hostility and discrimination because they shared a loose religious or ethnic affiliation with the attackers. First, Muslim and Arab-Americans have experienced an enormous threat from both the government and their neighbors since 9/11. On the other hand, resistance to this kind of discrimination has led civic groups to team up with Muslim organizations to foster greater respect and understanding among different religious and ethnic groups

On a positive side, the 9/11 disaster reliably induce temporary donations and government grants targeted to victims, their families, and others directly affected, as well as to those nonprofits engaged in emergency services. Much more uncertain are longer-term assistance to victims, redevelopment of affected communities, and restoration of the nonprofit service infrastructure that was disrupted by the catastrophe.

References:
Hewitt, Christopher. Understanding Terrorism in America: From the Klan to Al Qaeda.

Vohryzek-Bolden, M. Olson-Raymer, G. and Whamond,  J. O. Domestic Terrorism and Incident Management: Issues and Tactics. Springfilled, IL: Charles C. Thomas.
    
9-11Commission.gov - 'National Commission on Terrorist Attacks Upon the United States' (9/11 Commission official homepage)