Published on 29th October 2012
Meteorologists, news media, homeowners and government officials aren't the only ones closely tracking the mega-storm roaring up the East Coast. Stock investors are watching, too. The reason: Big storms like Sandy aren't just weather events, they are financial events, too. Violent weather causes property damage caused by wind, rain, flooding, downed trees and power outages. Early damage estimates for Sandy are roughly $5 billion, according to Bloomberg News, citing data from Kinetic Analysis. Nasty storms also spur spending by consumers gearing up for the storm, as well as after the storm, when money is spent to restore damaged property to pre-storm condition.