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.
Dry conditions and above-normal temperatures are expected for Super Bowl Sunday in Santa Clara, California.
Warmer air will build from California to Washington on Monday and Tuesday raising temperatures to near-record levels.
Waves of arctic air invading the eastern half of the United States this week will culminate with the coldest weather of the season so far for some areas by the second weekend of February.
The new week will bring more opportunities for snow to create slick travel in the northeastern United States, starting with a winter storm set to sideswipe New England on Monday.
As the first of several waves of arctic air sweep southeastward across the Midwest, just enough snow will occur to cause slippery travel over a broad area into Monday.
Cold and snow showers are in store for the New Hampshire primary on Tuesday but should not significantly impact voter turnout.
Johnstown, PA (1986)
Lightning during a snowstorm set fire to a church and caused damage.
Boston, MA (1861)
46 degrees on this date, -14 degrees on the 8th, and 60 degrees on the 11th.
Lake Placid, NY (1980)
Still waiting for snow for the 1980 Win- ter Olympics.