Icy Weather Won't Impact Economy, Unless It Persists
At first glance, it may seem that the icy and cold conditions most of the U.S. has been experiencing could be great for the economy. However, things are in fact the complete opposite.
- Flights: No one wants to fly in this weather, and in some areas the weather is so bad that many flights have been cancelled leaving passengers stranded at the airports. Flight cancellations by both consumers and airlines have witnessed an upswing. In fact, at Pearson Airport in Toronto, a spokesperson claimed that flight cancellations were up by 17%.
- Grocery Stores/Food Marts: While there was a business for a few days before the storm hit, grocery stores and food marts have seen a big hit because no one is traveling outside of their home which means no one is buying food or food related items. This also means that farming industries and other industries like wheat production has come to a halt as well. Wheat as well as corn has also taken a huge hit.
- Gas Stations: If not many are leaving their house, no one needs gas. Gas stations have also been struck by this hit as well as another big item that gas stations offer – propane.
- Restaurants: Unless you to live in an area where you have a lot of eateries in your specific location, you probably won’t be visiting any major restaurants during this arctic vortex. People have been cooking a lot more at home to avoid going out in the cold.