Assessments of the economic impact of a severe storm often try to weigh the lost productivity from businesses closed due to the storm against the increased jobs and spending created by the task of repairing the damage. This approach fails to consider the long-term picture, AccuWeather Founder and President Dr. Joel N. Myers said.
"Those people who say storms like Sandy are good because they stimulate economic activity are missing the point. The long-term economic impact of Hurricane Sandy involves more than just its impact on gross domestic product," Dr. Myers said.
"As a result of the storm, there has been a loss in the wealth of many parties which cannot be made up by economic activity," Dr. Myers explained. "Some of it is the wealth of people who suffer damage that is not insured. Some of it is the wealth of insurance companies. Either way, we cannot replace the buildings and the boardwalks and the things that have been lost without spending money and using resources that would have otherwise gone into other things in the future."
Within the mix of people and companies impacted by a storm like Sandy, there will still be both winners and losers, notes Dr. Myers.
Companies utilizing weather forecasting services like those from AccuWeather Enterprise Solutions will be able to stem the impact of Sandy, says Dr. Myers. One example is AccuWeather client Lowe's Home Improvement, with more than 1,745 stores in the United States, Canada and Mexico.
Stacey Lentz, a spokesperson for Lowe's, spoke with Advertising Age magazine on Monday. "We have relationships with FEMA and AccuWeather that give us insight on where the storm is headed and where we need to position product."
Homeowners, particularly those with properties on the coastline, stretching from North Carolina to Maine, could see the value of their homes decline. "In many cases, homeowners have counted on sand dunes to protect beach front property," Dr. Myers said, "but where the sand dunes are washed away, and the homeowners are not fully insured, they may be forced to sell over the upcoming year. Sandy then could have a negative impact on real estate prices in those areas." For those who remain, properties will cost more to insure, adding to the impact for homeowners.
Cyclonic Storm Kyant will unleash heavy rain and strong winds on areas from western Myanmar to northeastern India and Bangladesh this week.
Beneficial rain will douse California late this week, with the potential for some rain to reach southern portions of the state.
A storm will slide in from the Midwest to bring another dose of cold rain and wet snow to parts of the northeastern United States from Wednesday night to Thursday.
Floods are underrated weather hazards that cause widespread destruction, but people can minimize risks by following certain safety measures and investing in flood insurance.
Flooding downpours and thunderstorms will target a part of the central United States into Wednesday.
The severe drought in the northeastern U.S. has left most of the region reeling for months as farmers have been forced to work with arid land.
Air pollution alert in Northeastern cities.
Richmond, VA (1982)
A total of 0.71 inches of rain (25-26th). Normal for all of October is 0.42 inches.
Mid-Atlantic States (1990)
Powerful coastal storm. A total of 18 inches of snow at Mt. Mitchell, NC. Severe tidal flooding on the Virginia coast. 92-mph wind gusts at the Chesapeake Bay Bridge-Tunnel.