This is a much bigger issue than is reported in the mainstream media, and not just with hard drives. I work for a contract electronics manufacturer, and we're really feeling the impact.
They are a number of electrical component manufacturers (TI, Toshiba, On Semi, Fairchild just to name a few) that have had their plants affected. Besides hard drives and their respective components, there are a ton of other electronics manufacturers that are saying their plants will be shut down until as late as Q2 of 2012.
Expect a lot of consumer electronics to go up in prices, especially as class-3 electronic devices (medical, aerospace) get priority for components.