Evan Gold, senior vice president for Planalytics, a firm that advises companies on weather issues, estimated the economic losses for the total Northeast, including New York, Philadelphia and Boston, at $500 million.
He added, however, that the economic impact of this year’s snowfall was dwarfed by the staggering $15 billion to $50 billion losses the nation suffered from what he calls the “polar vortex” of 2014.
The snowstorm, which local weathermen were quick to dub as “historic” and “life threatening”, hit the US East Coast Monday afternoon and started picking up after midnight. Authorities of New York State and three other adjoining states advised locals to stay off the streets.
A number of offices, schools and day care centers were also shuttered until Wednesday. Heeding official warnings people started storing up on food, drinking water, liquor and batteries.
The snowstorm has since waned and public transport in New York and the neighboring state of New Jersey is expected to reopen on Wednesday.
