ECONOMY

NYC economy lost about $200 million from fizzled storm, transit shutdown, expert says

  • Taxis that belong to Arthur Cab Leasing Corp.,  stand idle outside the company's lot before being put it back into service following a winter storm, Tuesday, Jan. 27, 2015, in the Queens borough of New York.  Manager Shaon Chowdhury estimates that the winter storm has cost his company approximately $60,000 in lost revenue and added expenses. (AP Photo/Jason DeCrow)

    Taxis that belong to Arthur Cab Leasing Corp., stand idle outside the company's lot before being put it back into service following a winter storm, Tuesday, Jan. 27, 2015, in the Queens borough of New York. Manager Shaon Chowdhury estimates that the winter storm has cost his company approximately $60,000 in lost revenue and added expenses. (AP Photo/Jason DeCrow)  (The Associated Press)

  • Jaime Raymondo restocks the shelves at the Islip Food Warehouse, Tuesday, Jan. 27, 2015 in Central Islip, N.Y.  A storm packing blizzard conditions spun up the East Coast early Tuesday, pounding coastal eastern Long Island into Maine with high winds and heavy snow. Economists are split on the cost of the decision to essentially shut down the city with a sweeping lockdown of all buses, commuter trains, buses, and a ban of any kind of travel on bridges, tunnels and roads from highways to neighborhood streets. But residents say they felt it in lost wages and unnecessary days off work. (AP Photo/Mary Altaffer)

    Jaime Raymondo restocks the shelves at the Islip Food Warehouse, Tuesday, Jan. 27, 2015 in Central Islip, N.Y. A storm packing blizzard conditions spun up the East Coast early Tuesday, pounding coastal eastern Long Island into Maine with high winds and heavy snow. Economists are split on the cost of the decision to essentially shut down the city with a sweeping lockdown of all buses, commuter trains, buses, and a ban of any kind of travel on bridges, tunnels and roads from highways to neighborhood streets. But residents say they felt it in lost wages and unnecessary days off work. (AP Photo/Mary Altaffer)  (The Associated Press)

  • Stores are closed at a Central Islip, N.Y. strip mall, Tuesday, Jan. 27, 2015.  A storm packing blizzard conditions spun up the East Coast early Tuesday, pounding coastal eastern Long Island into Maine with high winds and heavy snow. (AP Photo/Mary Altaffer)

    Stores are closed at a Central Islip, N.Y. strip mall, Tuesday, Jan. 27, 2015. A storm packing blizzard conditions spun up the East Coast early Tuesday, pounding coastal eastern Long Island into Maine with high winds and heavy snow. (AP Photo/Mary Altaffer)  (The Associated Press)

Experts say New York City's businesses lost about $200 million following the fizzled snowstorm and decision to shut down the transit system. City officials argued it was better to err on the side of caution.

Moody's Analytics economist Adam Kamins says consumers who would have otherwise made other major purchases on Tuesday will likely do so a day or two later. And he notes that many employees forced to stay home were able to telecommute.

Experts say the biggest impact would be on small businesses and hourly workers such as taxi drivers and restaurant workers. The city's 24,000 restaurants could lose millions.