“The cold weather could really spoil our start into a year of growth in 2010,” head of the DIHK industry and trade umbrella organisation Volker Treier told the paper. “Cold and snow have currently put building on ice. This, in addition to construction companies, affects a number of branches such as deliveries, materials, machines, the staging, the roofers and also interior decorating.”
Losses could reach up to €2 billion in the first quarter of 2010, a sum which Treier estimated to equal 0.4 percent of the gross domestic product for that time period.
Construction isn't the only thing that has ground to a halt in Germany over the last week. Low pressure system ‘Daisy' has dumped snow across the country for several days, causing road closures, flight cancellations, train delays and power outages.
Snow is expected to continue throughout Monday, the German Weather Service (DWD) reported, with storms concentrated in eastern and southern states. Temperatures below freezing are also likely to endure as the week goes on.