New York City's economy lost about $200 million as a result of Winter Storm Juno, which caused the MTA to shut down.

Moody's Analytics came up with the estimated loss, The Associated Press reports. The shutdown had the biggest impact on small businesses and people who work for hourly wages.

Adam Kamins, an economist for Moody's Analytics, said many workers may have been able to telecommute to work, so the loss was not crippling to NYC's economy overall.

"For example, a holiday where people aren't working would have a greater impact on the economic output than this storm," he said.

Senior Vice President for Planalytics Evan Gold estimated that the Northeast, including New York, Philadelphia and Boston, may have lost $500 million in economic activity.

"Now that does sound like a lot of money, but when you think about last year, where we had a polar vortex, several weeks of that, more population centers impacted as well as above-normal snowfall, last year's overall economic impact is pegged at anywhere from $15 billion to $50 billion," he said. "So in comparison, this is actually a relatively small event."

Yet, hourly workers like Lenice Ferguson, who is a baker for Insomnia Cookies, were affected the most by the loss.

"It's a big deal, because I only work three nights out of the week," he said. "My check is going to be short, and I have bills that I have to pay."

Mass transit was shut down Monday night as the New York City mayor issued a travel ban. Transportation reopened Tuesday morning.

The city had up to eight inches of snow instead of the two feet that was predicted by weather forecasters.

Kamins said if the storm had hit to its full force, the entire Northeast could have lost $16 billion in damages, AP reported. Instead, the region last about $1.25 billion.

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