Snow Storms Ding GDP, Cost the Economy Billions

Snow storms can result in massive economic carnage - often to the tune of billions of dollars.
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Snow storms can result in massive economic carnage - often to the tune of billions of dollars. Some of the most expensive snow storms over the last 35 years include the Superstorm of 1993 and more recently, the polar vortex seen in early 2014, which affected almost half of the United States, including the highly populated eastern corridor. During that same time period - the first quarter of 2014 - the U.S. GDP fell by 2.1 percent, amid the frigid temperatures, after rising by 2.6 percent during the quarter before. When it snows, employees can't get to work and consumers can't hit the stores to shop. Municipalities aren't fans of snow storms either. Just one year ago, Boston's snow accumulations reached their highest level in 20 years. By mid-February, the city spent $35 million on snow removal, almost double its $18.5 million budget. TheStreet’s Scott Gamm reports from Wall Street.