The Cost of the Polar Vortex

Rebecca Jarvis looks at how extreme cold weather is affecting your wallet.
3:00 | 01/08/14

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Transcript for The Cost of the Polar Vortex
Now to the financial costs of the freezing cold from travel nightmares to heating bills, abc's rebecca jarvis here with the latest on how it's walloping your wallet. Rebecca, tell us how much. You can feel it in your bones and you can feel it in your wallet, as well, robin. We've been crunching the numbers, and as of this morning, this cold spell is costing americans more than a billion dollars. Here's how. First, your home heating costs. They are on the rise so in addition to cranking those thermostats and using more energy, the actual cost of that energy, it's also going up. The typical american family is expected to spend anywhere from $679 to more than $2,000, that is just to heat their home this winter and that's up as much as 13% from last year. Now, drivers who are daring to hit the icy streets, they are already paying more at the pump. Ultra low temps have been threatening to shut down oil production from texas to north dakota and gas prices have popped 5 cents in the last month, also hitting consumers' wallets, school and work shut down, families are now having to pay extra money for child care, they're having to miss work in order to stay home with the kids while other companies, especially those whose employees work outside they are staying closed and that costs you real money. It can cost you your wages. The record-shattering low temps have also cost travelers and airlines and analysts estimate that is nearly $1.5 billion. 1.5 billion. The cost to consumers and the airline, as well. It adds up quickly. It does. When the kids are off, yay, not going to school. Look to your wallet. Thanks so much.

This transcript has been automatically generated and may not be 100% accurate.

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