Analysts Describe LA Wildfire Costs as ‘Staggering’
Analysts estimate that the wildfires ravaging Southern California have caused financial damage reaching as high as $275 billion. Read Full Article at RT.com
TroibNews 
The cleanup, rebuilding, and rehousing costs following the wildfires currently underway in Southern California could reach as high as $275 billion, according to research conducted by AccuWeather.
A preliminary assessment from the weather data platform estimates the financial impact of these wildfires will fall between $250 billion and $275 billion. This estimation includes direct expenses such as rebuilding, relocation, cleanup, and emergency shelter, as well as indirect costs like healthcare expenses for those injured or exposed to smoke, lost wages, housing displacement for workers, and impacts on the local labor market, business environment, and tourism sector.
“These fast-moving, wind-driven infernos have created one of the costliest wildfire disasters in modern US history,” stated AccuWeather chief meteorologist Jonathan Porter on Monday. He emphasized that the staggering economic toll of up to $275 billion reflects the severe impact of the wildfires.
Porter mentioned that the full extent of damage in certain areas remains uncertain, highlighting that some residents in Los Angeles are still at risk.
“Should a large number of additional structures be burned in the coming days, it may become the worst wildfire in modern California history based on the number of structures burned and economic loss,” he warned.
He also pointed out that some of the most severe fires are occurring between Santa Monica and Malibu, affecting some of the priciest real estate in the nation, with median home values exceeding $2 million.
Since the wildfires began sweeping through the Los Angeles area last week, they have already claimed at least 25 lives and scorched over 40,000 acres. More than 12,000 buildings have been destroyed, reducing entire neighborhoods to ashes.
The preliminary estimate provided by AccuWeather significantly surpasses the financial toll of Hurricane Katrina, noted as the most expensive natural disaster since 1980, which devastated New Orleans in 2005. Hurricane Katrina resulted in 1,833 fatalities and inflicted damage equivalent to $197.5 billion when adjusted for inflation.
Olivia Brown contributed to this report for TROIB News
A preliminary assessment from the weather data platform estimates the financial impact of these wildfires will fall between $250 billion and $275 billion. This estimation includes direct expenses such as rebuilding, relocation, cleanup, and emergency shelter, as well as indirect costs like healthcare expenses for those injured or exposed to smoke, lost wages, housing displacement for workers, and impacts on the local labor market, business environment, and tourism sector.
“These fast-moving, wind-driven infernos have created one of the costliest wildfire disasters in modern US history,” stated AccuWeather chief meteorologist Jonathan Porter on Monday. He emphasized that the staggering economic toll of up to $275 billion reflects the severe impact of the wildfires.
Porter mentioned that the full extent of damage in certain areas remains uncertain, highlighting that some residents in Los Angeles are still at risk.
“Should a large number of additional structures be burned in the coming days, it may become the worst wildfire in modern California history based on the number of structures burned and economic loss,” he warned.
He also pointed out that some of the most severe fires are occurring between Santa Monica and Malibu, affecting some of the priciest real estate in the nation, with median home values exceeding $2 million.
Since the wildfires began sweeping through the Los Angeles area last week, they have already claimed at least 25 lives and scorched over 40,000 acres. More than 12,000 buildings have been destroyed, reducing entire neighborhoods to ashes.
The preliminary estimate provided by AccuWeather significantly surpasses the financial toll of Hurricane Katrina, noted as the most expensive natural disaster since 1980, which devastated New Orleans in 2005. Hurricane Katrina resulted in 1,833 fatalities and inflicted damage equivalent to $197.5 billion when adjusted for inflation.
Olivia Brown contributed to this report for TROIB News
