Wildfires raging across Los Angeles County are projected to be among the costliest natural disasters in US history, with estimated damages ranging from $135 billion to $150 billion. At least 11 people have been killed and over 12,000 structures destroyed since Tuesday.
According to AccuWeather, this disaster could surpass Hurricane Helene’s damage of $225 billion to $250 billion. The cost is expected to be staggering, both in terms of human loss and economic toll, with a preliminary estimate suggesting nearly 4% of California’s annual GDP could be affected.
The fires have ravaged densely populated areas with high-end properties, including the Pacific Palisades and Malibu. Celebrities such as Hollywood stars and executives have lost homes to the blazes. Insurance firms and analysts are warning that it may take several months for a concrete tally of financial losses to be possible.
Jonathan Porter, chief meteorologist at AccuWeather, stated that this disaster will likely be the costliest wildfire in California modern history and possibly US modern history due to its location in densely populated areas with high-value real estate.
Source: https://apnews.com/article/california-wildfires-natural-disasters-losses-insurance-recovery-d2f24e44d75503118643151eaee947fb