This past weekend the East Coast was hit hard by winter storm Jonas, and while some are still shoveling out other the economic costs of this storm is still being calculated. The Atlantic staffer Bourree Lam takes a look at these effects.
Macroeconomist Chris Christopher estimated Jonas economic impact to be between $500 million and $1 billion. While this may sound like a lot, some businesses fared better than you may think:
...businesses’ revenues probably didn’t on the whole decline significantly. It’s true that many businesses shut down over the weekend, but grocery stores saw temporary spikes in spending as people panic-boughtbread, milk, and eggs in preparation for the storm. Similarly, even though many retail stores were expecting losses last weekend (in what is already a slow month for retail), hardware stores moved a lot of shovels and salt.