Snowpocalypse Costs New York City At Least $20 Million


Photo: Dan Nguyen NY on flickr

We’re starting to get a handle on how much the ongoing Snowpocalypse will cost.First there’s the direct clean-up cost for New York City. A spokesman for the Mayor’s office said the rule of thumb is that every inch of snow costs $1 million, according to Bond Buyer.

That would put this weekend’s 19.8-inch drop around $20 million, which is slightly more than half of the city’s yearly snow budget.

Then you get into secondary costs. How much did stores lose with tourists shut out of the airport, subways down and sidewalks buried? How much did airports and airlines pay to reroute thousands of flights?

One advantage for logistics, if not commerce, is that this was during a holiday week. Analyst Evan Rourke tells Bond Buyer: “In some ways it was a fortuitous time to have a storm because you’re really coming into yearend, so the calendar is obviously really light. If you had to have a storm that almost closed our market down for a day, you had a pretty good day to have that happen.”

Don’t miss: The 10 Most Expensive Storms In U.S. History

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