The Nor’easter that hit the Atlantic coast yesterday was a doozie, dropping up to a foot of snow in some places, but it was not the “historic storm” that some had been predicting. The New York City area received from five to seven inches of snow, and the city is in the process of digging out. Most services, including subways and bus service are expected to be operating by late morning.

All major financial markets in NYC are also fully operational with regular hours.

NYC Weather Condition: Not As Bad As Expected

Details on northeast winter storm

As relatively sanguine assessments of the storm situation came in early Tuesday, state and local leaders  began lifting travel bans and service closures imposed the previous night, when forecasters warned of a potentially “historic” blizzard that could lock down the East Coast.

The National Weather Service also called off its blizzard warning for the Big Apple, downgrading it to a winter storm warning, but warned to expect snow as late as midnight Tuesday.

In the only fatality known to be associated with the winter storm in NYC, on Long Island, Suffolk County Police reported a teenager had died late Monday when he crashed into a lamppost when he lost control snow-tubing.

Of note, in Washington, D.C., federal offices and public schools are opening two hours late to permit additional travel time.

Meteorologists warn that high winds and heavy snow were likely to continue in some areas throughout the day, with another foot expected in the Boston vicinity. Flooding was still occurring along some low-lying roadways in coastal Massachusetts, the state police noted.

Travel is still a major problem all across the northeast. More than 4,500 flights have been canceled at U.S. airports on Monday and Tuesday, according to data from FlightAware.com, and there has been no train or bus service in New York, Boston or New Jersey since yesterday afternoon.

Statement from NYC Mayor Bill de Blasio

“We thought we were going to get something a lot bigger,” New York City Mayor Bill de Blasio told CNN in an interview Tuesday morning. “We’re going to quickly get back to normal here in New York City.”