The damage will likely be in the billions, hardly nothing to worry about...cavalier attitudes risk lives.
Current estimates are in the range of $20 Billion. Lives lost in this storm is up to 39. Millions lost power.
As for the meteorology of the "only a category 1" see below:
In a stunning spectacle of atmospheric violence, Superstorm Sandy roared ashore in New Jersey last night with sustained winds of 90 mph and a devastating storm surge that crippled coastal New Jersey and New York. Sandy's record size allowed the historic storm to bring extreme weather to over 100 million Americans, from Chicago to Maine and from Michigan to Florida. Sandy's barometric pressure at landfall was 946 mb, tying the Great Long Island Express Hurricane of 1938 as the most powerful storm ever to hit the Northeast U.S. north of Cape Hatteras, NC. New York City experienced its worst hurricane since its founding in 1624, as Sandy's 9-foot storm surge rode in on top of a high tide to bring water levels to 13.88' at The Battery, smashing the record 11.2' water level recorded during the great hurricane of 1821.
A monster of a storm. Sandy broke the all-time low pressure records in a number of cities across Pennsylvania, New Jersey, and Maryland. Meanwhile, on the back side of the storm some cities, such as Davis, West Virginia received over two feet of snow.
One for the records. The prearedness in the past few years seems to be getting better though, as many are saying the losses from this storm could have been far worse.