NEW YORK (Reuters) - Massive repairs to one of the New York train lines worst hit by storm Irene last month will cost $50 million but can be completed by the end of the year, the Metropolitan Transportation Authority said on Monday.

The MTA Metro-North Railroad committee said it expects part of the funding for repairs on the Port Jervis Line will come from the Federal Emergency Management Agency and insurance.

The MTA is the country's largest mass-transit system and is one of the biggest issuers in the $3.7 trillion U.S. municipal bond market. Its debt is widely held by residents of the New York area and mutual funds because it is triple tax-free.

(Reporting by Edith Honan; Editing by James Dalgleish)