Analysts say this winter's record-breaking snowfall has already cost the U.S. $5 billion
Digital Reporter
Tuesday, February 24, 2015, 7:13 PM - The economic toll of record-breaking snowfall and intense storms seen across the U.S. this winter has yet to be formally calculated, but analysts predict the season has added as much as $5 billion to the national bill so far.
If the trend continues, the 2014-2015 winter season could be more costly than last winter, which featured several polar vortex cold spells.
This winter has seen a higher frequency of storms, and longer lasting ones.
In addition to the record-breaking snowfall amounts seen in cities like Boston, MA, this could be the coldest February on record for many cities. That trend hold true north of the border as well.
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Toronto, Ont.'s Pearson Airport is just days away from setting an all-time cold record for February, and eastern Canada has been hit with a seemingly never-ending parade of intense storms.
The $5 billion price tag in the U.S. includes lost income due to closed businesses, insurance claims, property and infrastructure damage, travel delays and accidents, snow removal and storm-related injuries, among other things. The number was tallied by Mike Manoogian, a VP at Planlytics, a company that provides weather data and information to businesses.
According to Manoogian, 40% of that cost comes from the record-breaking snow seen in New England, which has cost the nation about $2 billion so far.
It will be a few months before insurance companies will be able to calculate the number of storm-related claims made in the U.S. this winter, but meteorologist Steve Bowen told Mashable "it's very safe to say" there are "well above $1 billion" in insured losses so far.
According to Mashable, last winter cost the U.S. approximately $5.5 billion.
Source: Mashable
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