Hurricane Sandy’s Economic Impact Is Already Massive
Ashley Lutz
BusinessInsider.com
Oct 29, 2012
Hurricane Sandy still hasn’t hit New York City, but it’s economic impact is already huge.
The so-called “Frankenstorm” could cause up to $1 billion in physical damages. But that figure doesn’t even take into account the impact on consumer spending, cancelled flights or closed businesses.
Here’s how the hurricane has impacted the economy so far:
People rushed to buy supplies from grocery stores, discount chains and home-improvement retailers. Many stores sold out of their supplies. This could negatively impact spending next month, because storm expenses are unplanned.
New York City stores including Saks, Bloomingdale’s, Starbucks, Uniqlo, Macy’s and Gap have all shut down until further notice, meaning days of lost sales. Areas normally booming with tourists are now deserted.
Businesses are also completely shut down in parts of New Jersey, Delaware, North Carolina and Maryland.
Apple has about 78 stores affected by the hurricane, according to Brian Sozzi, senior equities analyst at NBG Productions. Many of these stores are now closed.
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