In brief
A severe winter storm wreaking havoc on the American East is estimated to cost the U.S. economy between $105 billion and $115 billion, according to AccuWeather. While some experts argue this figure is exaggerated, the storm is likely causing substantial damages, with disruptions in transport and power outages contributing to the economic impact. Climate change is making such destructive weather events more frequent, leading to increased costs.
HOUSTON (AP) — A significant winter storm sweeping through the Eastern United States is not only causing havoc but also threatens the economy with losses in the billions. While estimates of its impact are currently under debate, the private firm AccuWeather suggests costs could soar to between $105 billion and $115 billion. Economists emphasize the interconnectivity of the economy and weather, noting that disruptions in transportation and power outages will ripple through various sectors. Traditionally, winter storms lead to 'lost opportunities' rather than direct damages like hurricanes or floods, complicating the assessment of their true economic toll. As the frequency of severe weather increases due to climate change, the concerns grow more pressing.
