December Snowstorm Racks Up Significant Financial Losses for Maine’s Forestry Industry

A survey released by the Professional Logging Contractors of the Northeast (PLC) shows a large winter storm in Maine on December 18th has caused ongoing trucking and harvesting disruptions, as well as large financial losses, Mainebiz reported (1-10-24).

According to PLC, approximately 50 logging and forest trucking companies responded to the survey (one quarter of the members surveyed). Those companies ranged from one employee to nearly 100.

Respondents’ estimated losses so far have topped $51,000 per company, with total losses exceeding $2.6 million. PLC says that based on a multiplier effect used in studying Maine’s logging industry, the impact of the storm has resulted in a total loss to the state’s economy of more than $5.5 million.

Additional highlights from the survey include the following:

• More than 90% of businesses suffered financial damages or impact from the storm.
• The most common impact was business interruptions or slowdowns, with inability to deliver harvested wood to markets.
• Other losses included increased expenses and damage to equipment, inventory, or structures.
• Many companies surveyed will be unable to file insurance claims in connection with the losses as the majority of the losses are not covered.