The phrase "winter wonderland" took on a whole new meaning for much of the U.S. in recent days, as a deadly Polar Vortex shattered cold temperature records across many parts of the country. Flights canceled, schools and businesses closed and nearly a dozen people literally died in the wake of this arctic anomaly.

For those unfamiliar with the meteorological melodrama known as the Polar Vortex, the phenomenon essentially resulted from a stockpile of cold air originating at the North Pole that funneled it's way down into the United States, as far south as the Gulf Coast.  The result: a deep freeze that effectively locked down much of the nation.

While below zero temperatures that can cause frostbite in as little as five minutes are nothing to laugh about, Americans may just start crying from the economic damage caused by nature's little stunt this past week. $5 billion is the figure being touted by business weather intelligence company Planalytics' Senior Vice President, Evan Gold in an email to UPI. That figure represents the estimated cost of damage combined with business NOT done during the height of the Polar Vortex effect. Major airlines bore the brunt of the economic storm, cancelling about 15-20,000 flights.  That translates into losses totaling in the neighborhood of $400 million! With 80 percent of its flights routing through New York or Boston, carrier JetBlue did some major suffering. CNBC's Phil LeBeau recently ran a report on The Deep Freeze Impact on Airlines, which noted the high dollar impact on both airlines and their passengers in this situation.

But airline woes were just the tip of the not entirely proverbial iceberg. School closures kept many parents out from work, and some businesses shut down as well leaving revenues down or just plain missing during the height of Polar Vortex power over the country.  Burst pipes and frozen sewer lines caused havoc for local plumbers and racked up more costs burdening individuals and municipalities.  Even as the snow, cold and ice recede they leave ruined roads, homes and other damages -- not to mention next month's heating bill! A CNYCentral.com news item reports that New York Senator Check Schumer has already begun urging the Department of Health and Human Services for available funds from that agency's Low Income Home Energy Assistance Program.

Still, the economic news isn't all bad when it comes to the Polar Vortex and its aftermath.  Planalytics Senior VP Evan Gold also points out that businesses such as on-demand, restaurant delivery services, home centers and convenience stores all benefited from the increased need for their goods and services in bad weather times. On-line retailers also got a boost from consumers who couldn't resist the urge to shop, even when they couldn't get out of the house for that retail therapy. And even though it was cold out there, real cold. Claims that Niagara Falls had actually frozen over turned out to be a bit of hyperbole.  A CBS news report  clarified that although the falls appear partially covered in ice, a regular wintertime occurence, they are in fact still flowing.