Winter Storm Jonas dumped blizzards on much of the East Coast but losses to businesses were not as bad as originally feared.
Experts are estimating that the impact of the storm will be losses of approximately $850 million. That’s less than originally predicted. Experts say the story occurring on a weekend and without any major power outages, helped stave off worse numbers.
Businesses mostly affected by the storm were restaurants, theaters, and other entertainment-based retailers.
Chris Christopher, a U.S. macroeconomist at data firm IHS Global Insight, says many businesses made an increased amount of money earlier in the week at consumers stocked up on food, gasoline, alcohol, shovels, and other supplies in preparation for the storm.
Purchase delays were more likely to occur for big ticket items such as cars, houses, and major appliances.
Some losses were likely felt from damaged vehicles caused by winter conditions and unsafe driving practices.
Christopher says the economic impact could be as little as $350 million or as much as $850 million.
The airline industry was also hit with losses as more than 6,000 flights were cancelled. With that being said, experts acknowledge that airline companies prepare for at least one major winter storm every year.
Planalytics, which helps companies assess and address how weather impacts their business, is estimating that retailers could see a net loss of $850 million.
Some losses are also expected for UPS, Fedex, and other delivery services. UPS said it had operations interrupted in Washington, D.C., and parts of 13 states: Connecticut, Delaware, Kentucky, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and West Virginia.
Fedex is already attempting to deliver packages in all areas where service is moderately accessible.