This CNBC article, published on Sunday, describes how a massive winter storm has brought large parts of the U.S. to a standstill. The results of the storm have been heavy snow and ice from New Mexico to Maine, with the National Weather Service warning of "bitterly cold temperatures and dangerously low wind chills." As of Sunday morning, more than 850,000 customers had lost power, and over 10,000 flights were canceled, with both of those numbers expected to rise as the week goes on. Some airports, like Washington Reagan National, canceled all flights into and out of the airport due to the conditions.
The economic effects of this storm will be far-reaching, affecting some more than others. In the short run, people will not be able to show up to work; schools, offices, and stores will be closed; and there could be supply shortages. Airlines and airports are one of the industries most directly affected, as they have had thousands of canceled flights and will have to rebook passengers, reposition crews, and work to ensure conditions are safe to fly. Logistics networks are also working hard right now, as the storm has halted most transportation. Long recovery times for these industries mean that prices will go up, and supplies will go down.
In addition to the challenges faced by industries, power outages pose a more significant challenge. When all is said and done, more than a million customers will have lost electricity. That means factories, warehouses, and small businesses are forced offline while inventories spoil. If the damage from the storm leads to prolonged outages, insurance and utility companies could face billions in claims and emergency repair requests.
While on a larger scale, a single storm will not do much damage, the regional impacts are severe. Lower-income households in hard-hit regions bear the brunt of power outages, food spoilage, missed hourly wages, and other effects of the storm. One potential positive is that major storms lead to renewed pressures to harden the grid and other weather protection measures. This usually leads to more investment in these areas in hopes of making progress.
This CNBC article, published on Sunday, describes how a massive winter storm has brought large parts of the U.S. to a standstill. The results of the storm have been heavy snow and ice from New Mexico to Maine, with the National Weather Service warning of "bitterly cold temperatures and dangerously low wind chills." As of Sunday morning, more than...
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