East Coast snowstorm could cause up to $850 million in damage
Weekend blizzard Jonas may have dumped a lot of snow on the East Coast, but its economic impact may not be as catastrophically damaging as expected, experts told The Associated Press on Monday.
The estimated cost of the storm, which won't be firmed up until February, could be anywhere from $350 million to $850 million, said Chris Christopher, an IHS Global Insight macroeconomist. Jonas missing the work week should help limit the cost, whereas a weekday storm would have targeted an area that produces $16 billion in output each day. A lack of major power outages should also minimize the damage incurred.
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