East Coast Paying Price for 'Snowmageddon'

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Snowmageddon has loosened its grip on the East Coast, but now city, state and federal government agencies are left counting the cost.

The snow shut down federal offices in Washington, D.C. for four and a half consecutive days. And that alone is said to have cost $450 million in lost productivity

"You've heard about a 100-year storm," said Mayor Adrian Fenty. "This is our 300-year storm. We've never had this much snow in any of our lifetimes or any other Washingtonian' s lifetime."

Washington, D.C., Delaware and Maryland are still digging out and have not had time to tally the millions of dollars they are over budget on snow removal.

Virginia has plowed through its nearly $80 million snow-removal budget, plus another $25 million to keep state trucks and contractors on the road.

There is no business like snow business for those working to clear the roads. But for many businesses in the Mid-Atlantic, the storm hit hardest on the bottom line.

There simply were not many people braving impassable roads for fresh-brewed coffee. East Coast residents who did spend money stocked up on shovels, rock salt and groceries in advance of the storm.

It is too soon to know how much the storms will cost airlines, who were forced to cancel thousands of flights. But to put things in perspective, an ice storm a few years ago cost just one airline $44 million in lost revenue.

Meanwhile, a new snowstorm is now hitting the south. It has already dumped 9 inches on Dallas, Texas and is expected to crawl all the way to South Carolina.

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