NYC Set Back $200 Mln by Snowstorm, Transit System Shutdown

New York City lost an estimated $200 million in economic activity in the fizzled snowstorm and Mayor De Blasio’s decision to shut down the city transit system.

MOSCOW, January 28 (Sputnik) – Small businesses and hourly workers, such as taxi drivers and restaurant staff, forced to stay indoors, were hit the hardest by the loss of work time, the Associated Press reports, citing Adam Kamins, an economist with Moody's Analytics.

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.

Mayor William de Blasio said the economic loss was way less than it would have been had the storm hit in full force, and that taking precautions helped the city get back up to speed faster.

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.