Storm costing airlines $78 per minute

Flight delays because of a northeast rainstorm could cost airlines $78 per minute, according to a CNBC report.

The lobbying group Airlines for America (A4A) told the television station that every minute a flight is delayed cost airlines $78.17.

The group said each minute a passenger is behind schedule costs them $66 worth of productivity.

Airlines have been canceling flights and waving rebooking fees at airports across the country as a massive rain storm moved over the East Coast of the U.S. on Tuesday and Wednesday.

According to the report, 101 flights that were scheduled for Wednesday have been canceled. Another 168 flights were canceled on Tuesday.