The Economics Of This Snowstorm Becoming Clear
PHILADELPHIA (CBS) -- The piles of snow may be melting out there, but the bills are mounting.
From the cost of cleanup to lost business, the economics of the snowstorm are now beginning to be more clear.
It takes a big storm to close the normally bustling Italian Market on a weekend.
But last weekend's winter storm did just that.
"I've been working down here well over 10 years, and I assumed we would be open but we were actually closed," Jordan Morinick, of Esposito's Italian Market, said.
And despite people stocking up before hand, there were lines out the door. Morinick says being closed Saturday will mean a dent in business.
"You're never going to make up what you lose. No matter how busy you are the previous couple of days, you're not going to make up for its loss. It's just not possible," Morinick said.
"There is a multiplier on this because the businesses don't get profits. The workers don't get salary, so they don't spend that money and since they don't spend that money, there is the next people down the line that don't make money off what they would have spent," said Penn's Professor of Regional Science Janice Madden.
Madden says it's essentially a domino effect and the loss of income will be felt nationwide as well.
"They'll be talking about the numbers in January being off because of this storm for the nation, because 80 million people faced this storm out of 300 in the country," she said.
Perhaps the only businesses that fared well during the storm were the local bars.
"Snowmaggeden? We were packed for snowmagedden," bartender Dave Broughton said. "Wait lists. Drinking. Eating. Good times at the Royal Tavern."
The Royal Tavern in Bella Vista was packed throughout most of the weekend.
"At least another 50% worth of business on that Saturday night. I had the phone ringing off the hook. Are you open? Are you open? It literally got to the point where you were like, 'Hello. Royal Tavern. We're open."
