NEW YORK, November 3 (RIA Novosti) - The New York City Marathon has been cancelled in the wake of Hurricane Sandy as the city authorities have to concentrate their efforts on the recovery from devastation caused by the natural disaster.

The annual foot race has been run every year since 1970, coursing through all five boroughs of New York City for 26.219 miles (42.195 km).

The event attracts hundreds of thousands of spectators and brings in an estimated $340 million on average.

NYC Mayor Michael Bloomberg initially announced his decision to hold the marathon on Sunday as scheduled, but canceled it on Friday amid sharp criticism over holding a sports event while New York City boroughs are slowly returning to normal life after what is believed to be the second-worst storm in US history after Hurricane Katrina.

Four days after Hurricane Sandy slammed ashore along the US East Coast, the death toll rose past 100 in 10 states.

More than 3.8 million homes and businesses in the East remain without electricity while gasoline shortages fuel outrage among local residents.

© AFP 2013 Timothy A. Clary

New York City Deputy Mayor Howard Wolfson, New York Road Runners president and CEO Mary Wittenberg and George Hirsch, Chairman of the New York Road Runners Board of Directors, hold a news conference to announce the cancellation 43rd New York City Marathon on November 2, 2012

The storm is expected to cost about $20 billion in property damage and another $10-$30 billion in lost business, according to economic forecasting firm IHS Global Insight.