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Financial impact of winter storms

Published: Feb. 23, 2021 at 9:24 AM EST
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LEXINGTON, Ky. (WKYT) - The past week has been full of devastating winter weather. Many states have not seen such extreme conditions in decades. Independent wealth management consultant Josh Smith of Strategic Wealth Designers joined us on the newscast to discuss some of the financial impacts of the winter storms. The overall financial impact is billions of dollars.

“The winter weather had a devastating impact,” Smith says. “Not only did it have direct damage on homes and property, but also lingering effects on businesses. Closures, power outages, and wage loss will all play a part in the total costs.”

The state most notably impacted this past week was Texas. The low temperatures took a toll on plumbing and heating systems, as the state hasn’t seen temperatures so low in almost three decades. Now, millions are recovering from the storm as power and running water returns. It also created a much larger discussion about the energy dependence of the country.

“We also saw major delays with shipments of COVID-19 vaccines,” Smith says. “States around the country experienced delays, including Florida, New York, and Colorado. Now that the storm has passed, it seems like they’ll be playing catch up to get the promised vaccines shipped.”

Building an emergency fund can help when dealing with natural disasters, such as the storms we saw the past week. To see additional stories surrounding business and economic news for the Lexington area, visit https://WKYT.com/MoneyMatters and if you have a question for Josh send an email to info@swdgroup.com.

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