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Polar Vortex Hits Economy

The cold spell could cost the U.S. economy $5 billion

The extended winter freeze that so far has pounded entire regions of the U.S. figures to chill the economy, too. AccuWeather estimates a total cost to the economy of up to $14 billion, and while much of that will be recouped, up to $5 billion could be lost permanently.

The hit will occur across a wide swath of the economy, including business, school and museum closings, auto sales, significant insurance claims including ice-related flooding damages, flight and rail cancellations, increased consumer costs for heating oil and natural gas, a decreased demand for gasoline, and lost wages for non-salaried employees, among other impacts.

Several cities and states also have to factor in extensive foul-weather road preparation and snow-removal costs.

Please select this link to read the complete article from AccuWeather. 

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