The devastating wildfires burning across Los Angeles County are projected to be the costliest natural disaster in U.S. history, with estimates reaching $135 billion to $150 billion in damage and economic losses.
Firefighters stood as the last line of defense as flames crept closer to several homes in Brentwood.The wildfires that erupted this week across Los Angeles County are still raging, but already are projected to be among the costliest natural disasters in U.S. history. The devastating blazes have killed at least 11 people and incinerated more than 12,000 structures since Tuesday, laying waste to entire neighborhoods once home to multimillion-dollar properties.
While it's still too early for an accurate tally of the financial toll, the losses so far likely make the wildfires the costliest ever in the U.S., according to various estimates. A preliminary estimate by AccuWeather put the damage and economic losses so far between $135 billion and $150 billion. By comparison, AccuWeather estimated the damage and economic losses caused by Hurricane Helene, which tore across six southeastern states last fall, at $225 billion to $250 billion. 'This will be the costliest wildfire in California modern history and also very likely the costliest wildfire in U.S. modern history, because of the fires occurring in the densely populated areas around Los Angeles with some of the highest-valued real estate in the country,' said Jonathan Porter, the private firm's chief meteorologist.AccuWeather factors in a multitude of variables in its estimates, including damage to homes, businesses, infrastructure and vehicles, as well as immediate and long-term health care costs, lost wages and supply chain interruptions. The insurance broker Aon PLC also said Friday that the L.A. County wildfires will likely end up being the costliest in U.S. history, although it did not issue an estimate. Aon ranks a wildfire known as the Camp Fire in Paradise, California, in 2018 as the costliest in U.S. history up to now at $12.5 billion, adjusted for inflation. The Camp Fire killed 85 people and destroyed about 11,000 homes. The L.A. County wildfires, which were fueled by hurricane-force Santa Ana winds and an extreme drought, remained largely uncontained Saturday. That means the final tally of losses from the blazes is likely to increase, perhaps substantially. 'To put this into perspective, the total damage and economic loss from this wildfire disaster could reach nearly 4% of the annual GDP of the state of California,' AccuWeather's Porter said.In a report Friday, Moody's also concluded that the wildfires would prove to be the costliest in U.S. history, specifically because they have ripped through densely populated areas with higher-end properties. While the state is no stranger to major wildfires, they have generally been concentrated in inland areas that are not densely populated. That's led to less destruction per acre, and in damage to less expensive homes, Moody's noted. That's far from the case this time, with one of the largest conflagrations destroying thousands of properties across the Pacific Palisades and Malibu, home to many Hollywood stars and executives with multimillion-dollar properties. Already, numerous celebrities have lost homes to the fires.'The scale and intensity of the blazes, combined with their geographic footprint, suggest a staggering price tag, both in terms of the human cost and the economic toll,' Moody's analysts wrote. The report did not include a preliminary cost estimate of the wildfire damage. It could be several months before a concrete tally of the financial losses from the wildfires will be possible.
CALIFORNIA WILDFIRES ECONOMIC LOSS NATURAL DISASTERS INSURANCE DAMAGES ACCUWEATHER MOODY's
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Devastating Wildfires Rage in Los Angeles, Expected to be Costliest in US HistoryUncontrolled wildfires continue to burn through Los Angeles, claiming five lives and forcing over 100,000 evacuations. The Palisades fire, one of five major blazes, is predicted to be the costliest wildfire in US history.
Read more »
Southern California Wildfires Could Be Costliest in U.S. HistoryClimate change and a 'triple whammy' of weather conditions are fueling the devastating wildfires in Southern California, making them potentially the costliest in U.S. history.
Read more »
California Wildfires: 'Urban Firestorm' Ravages Malibu, Threatens Costliest Disaster in HistoryDevastating wildfires fueled by powerful winds have ripped through Malibu and surrounding areas in California, causing widespread destruction and raising concerns about the costliest wildfire disaster in US history.
Read more »
California Wildfires Threaten to Be Costliest in U.S. HistoryThe devastating wildfires sweeping through Los Angeles could surpass the 2018 Camp Fire as the costliest blaze in U.S. history. Insured losses are projected to exceed \$20 billion, with economic damages estimated at nearly \$50 billion and potentially reaching \$57 billion.
Read more »
Southern California Wildfires on Track to Be Costliest in History, JPMorgan EstimatesJPMorgan analysts predict that the economic losses and insured losses from the ongoing Southern California wildfires will surpass those of the 2018 Camp Fire, becoming the costliest wildfire event in California history.
Read more »
California Wildfires Could Become Costliest Disaster in U.S. History, Economist SaysJulia Pollak, an economist and author, stated on Fox Business that the ongoing California wildfires have the potential to become the costliest disaster in U.S. history. She emphasized the significant economic impact, both fiscal and otherwise, that the disaster will have.
Read more »