"Frankenstorm" threatens eastern US - FT.com Millions of people in the eastern US braced themselves on Sunday for what forecasters said could be an epic hurricane. The approach of Hurricane Sandy, which has already killed more than 60 people in the Caribbean, has derailed presidential campaigning plans and caused New York to shut down its public transport system. The US National Weather Service said that Sandy, packing winds of up to 75mph, was expected to bring "life-threatening storm surge flooding" to the mid-Atlantic states. It was expected to hit North Carolina on Monday before heading north through the Washington area, New York and into New England. Sandy is forecast to combine with two other storms in the coming days, creating what the weather service has dubbed a "Frankenstorm." Power blackouts and damage could affect up to 60m people, said forecasters. The region is expected to be paralysed, as more than 3,000 flights have already been cancelled and train service is limited. Urban areas up and down the east coast were preparing for the impact. New York's Metropolitan Transit Authority said it was shutting down the city's subway, bus and commuter rail services at 7pm on Sunday night. Michael Bloomberg, New York City's mayor, said about 375,000 people were being moved from low-lying areas. Schools would be closed on Monday. Storm surges could bring walls of water as high as 11 feet to New York. "This is a serious and dangerous storm," said Mr Bloomberg. Financial institutions in Manhattan said they were preparing emergency contingency plans and the New York Stock Exchange and Nasdaq said they still plan to operate on Monday. The Chicago Mercantile Exchange said its trading floor will be closed but that its electronic market will be open. In suburban New Jersey, groceries were filled with customers anxious to stock up on supplies. Stores sold out of flashlight batteries and bottled water. The White House said that the Federal Emergency Management Agency was preparing to bring water, meals, blankets and other resources to the states in Sandy's path. In Virginia, Governor Bob McDonnell has recruited 2,000 people from outside the state to help with emergency preparations. "It will be all hands on deck," he told CNN. David Axelrod, a senior campaign adviser to President Barack Obama, expressed concern on Sunday that the "super storm" could hit voter turnout. The election is a more than a week away but people are already allowed to vote in several states. Forecasters say the storm could leave some households without power through to election day a week on Tuesday. Mr Axelrod told CNN: "Obviously, we want unfettered access to the polls, because we believe that the more people come out, the better we're going to do, and so to the extent that it makes it harder . . . that's a source of concern." Mr Obama cancelled rallies in Virginia and Colorado that were to be held on Monday and Tuesday, the White House said. He will instead remain in Washington and monitor the approaching storm. Mitt Romney, his Republican rival, cancelled Sunday campaign events scheduled for Virginia and is due to campaign in Ohio instead. Utilities such as NStar prepared for the incoming weather system by cutting down tree branches located near power lines. Supermarkets in the Boston area extended their hours as shoppers stocked up on water and other supplies. While retailers see a boost, the storm could prove costly to other industries. As part of New Jersey's state of emergency, Governor Chris Christie ordered the evacuation of Atlantic City's 12 casinos. Big oil refineries were considering reducing operations or possibly shutting units as they assessed the potential disruption. According to a study from Munich Re, since 1980 weather-related incidents have killed 30,000 people in North America, caused $1.1tn of damage and imposed $510bn of losses on insurers. Researchers said Hurricane Katrina in 2005 - with $62.5bn of insured losses and 1,322 lives lost - was the most costly disaster. Additional reporting by Gregory Meyer and Dan McCrum in New York