A new report says closing the upstate Indian Point nuclear power plant would be an economic disaster.

Many have called for the closing of the Westchester County plant, saying an earthquake or tsunami nearby would prove more catastrophic than the recent Japanese nuclear disaster.

Many feel it's also vulnerable to a terrorist attack.

But a report released by the Manhattan Institute for Policy Research says closing the plant would mean losing as many as 40,000 jobs a year.

It would also drastically increase the price New Yorkers pay for electricity.

Speaking at the Princeton Club in Manhattan, former Mayor Rudy Giuliani said the plant is secure and closing it would be devastating to New York.

"It'd be a disaster," Giuliani said. "I think Mayor Bloomberg would say exactly the same thing. The chances of rolling blackouts to the city would be real. The chance of a major blackout to the city would be increased. The cost to this region would be catastrophic."

The plant sits about 30 miles north of Manhattan.

Licenses for Indian Point's reactors are set to expire in 2013 and 2015.