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.
Prior to a blizzard slamming the Northeast Monday night through Tuesday, less intense but yet still disruptive snow will streak from Midwest to the mid-Atlantic through Monday.
For Atlantic Canada, yet another Winter Storm is hot on the previous storm's heals.
An all-out blizzard will slam the New York City area and New England Monday night through Tuesday, bringing many communities to a standstill.
Motorists should steer clear of these four myths to stay safe during the worst winter weather.
In an effort to improve air quality across Utah during the winter season, the Utah Department of Environmental Quality (DEQ) has proposed a seasonal wood burn ban, much to the chagrin of many locals.
A brief cold front will sweep over the Seattle region into midweek.
Gulf of Alaska (1983)
Massive low in the Gulf of Alaska -- central pressure 940 mb...27.80" HG.
Western Europe (1990)
Severe windstorm; winds to 125 mph, 93 deaths, estimated $1 billion damage, more than a million homes lost power. Worst storm since 1703; storm was most vicious in Great Britain.
Cold snap: Saranac Lake, NY Minus 25 Carthage, NY Minus 24 Bath, ME Minus 18