This blog has previously discussed the hardships that New York experienced following Hurricane Sandy. Some businesses were unable to continue normal operations up to four months after the storm ravaged the East Coast.

Fairway Market, a critical anchor in the Red Hook neighborhood, just reopened at the beginning of March.

Brooklyn Borough President Marty Markowitz and other elected officials attended the event on March 1, where Mayor Michael Bloomberg also spoke.

"Fairway Market is more than just a store; it is the quintessential grocery experience with something for everyone – from our foodies and artisan advocates to even Brooklyn's own Miss America, Mallory Hagan," Markowitz said in a press release. "Since Hurricane Sandy, Fairway's absence in Red Hook left Brooklynites with an emptiness in their daily routines – and their refrigerators.

As explained in a recent Forbes article, the Red Hook neighborhood is not accessible by subway, so it can take pedestrians and bicyclists some time to get there. After rebuilding itself into a popular food, drink and waterfront view destination, it once again had to pick up the pieces after Hurricane Sandy.

A group of small businesses organized ReStore Red Hook, an initiative to provide small grants quickly. Some organizations suffered tens of thousands of dollars worth of damages, and owners were trying to fund repairs out-of-pocket.

For example, Monica Byrne, owner of Home/Made Wine Bar and Roquette Catering & Special Events had close to $70,000 worth of damage. As many loans can take time to come through, Byrne said that it was extremely helpful to have support from her neighboring companies.

While insurance is important, having a comprehensive business continuity plan is also crucial in ensuring quick business resumption. Otherwise, even if proper funds are in place, it could take owners some time to return to daily operations.