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.
Many across the East may have thought that the calendar flipped back to winter due to the cold blast that brought a dramatic drop in temperatures and even snow to some communities.
A ferry has sunk off the coast of South Korea, leaving at least four dead and over 250 passengers missing.
Following some rain showers this Saturday, drier weather is in store for Boston by Monday to kick off the 118th annual Boston Marathon.
A mid-April snowstorm will focus on the northern Plains and Upper Midwest through Thursday, spreading snow from the Dakotas to Ontario.
Experts across the nation are searching for plausible solutions to the defects of the nation's over-stressed and antiquated power system before severe weather season takes full rein.
The United States has the highest concentration of tornadoes in the world, and understanding truth about tornadoes and what to do if one strikes can help save your life.
Oklahoma City, OH (1990)
93 mph wind gust - one of the strongest gust at Will Rogers Airport in the last 40 years.
Charleston, SC, reaches 32 degrees -- latest ever there. At Wilmington, NC, snow accumulated up to 6" on boards. Fayetteville, NC, had 4" on the 15th -- one of the latest snowstorms ever. Snow flurries as far south as Milledgeville, GA. Severe freeze from Georgia to Texas killed cotton.
Boston Harbor, MA (1851)
Famous Lighthouse Storm -- great tide whole gale destroyed Minot Lighthouse and its keepers; tide exceeded a staggering height of 1,723 feet.