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.
ALEX VEIGA AP Business WriterFirefighters stood as the last line of defense as flames crept closer to several homes in Brentwood.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.
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. 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.
"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.
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