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Who needs snowfall futures?

From openmarkets.cmegroup.com

Some may remember the “Snowmageddon” of January 2010. The East and Midwest were pounded by record snowfall, and Washington D.C., the epicenter of the severe weather, was shut down for days. Each snow day cost taxpayers $100 million in lost productivity from federal workers. The Chicago “Snowpocolypse” in 2011 had a similar impact.Weather events are expensive. The $100 million estimate didn’t factor in accidents, lost sales, as well as home, building and infrastructure repairs related to the storms.And then there were the airlines. Based on totals reported from the airlines, some 7,000 flights were cancelled the first ... (full story)

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