Snow day caused €35 million hit to Netherlands economy
Monday's heavy snowfall, and the problems in traffic and productivity it caused, cost the Dutch economy around 35 million euros, according to calculations by the Economic Research Foundation and Statistics Netherlands chief economist Peter Hein van Mulligen, BNR reports.
If there is a whole business day in which no work is done in a quarter, like when Christmas falls on a week day, it costs the Netherlands' GDP 0.2 to 0.3 percent of growth, Van Mulligen said to the broadcaster. That amounts to 350 million euros the Netherlands' economy loses out on.
But the snow on Monday did not bring the entire Netherlands to a complete standstill. "Most factories kept running and most people continued to work somewhere. It's a bit of delay and some lost hours", Arjan Heyma of the Economic Research foundation said to BNR. He estimates that a day like yesterday amounts to about 10 percent of a day when absolutely nothing gets done. So the Dutch economy lost out on around 35 million euros, he said.
Research agency TNO also calculated that the record breaking traffic jam during rush hour on Monday, cost Dutch companies around 4.2 million euros in lost hours.
Heyma also pointed out that the snow also brought something in. "For example extra gas yields and all the damage that has to be repaired. That will in time lead to additional production", he said. Though he acknowledged that these revenues can't be enough to compensate for the loss.