Los Angeles Wildfire Estimated to Cause $57 Billion in Damage Report Says

According to a preliminary financial assessment reported by Bloomberg, the Los Angeles wildfire is one of the most expensive natural disasters in U.S. history and could become one of the costliest the nation has ever experienced.

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Wildfires Cause $52-57 Billion in Losses

The wildfires, which are ravaging some of the wealthiest neighborhoods near Santa Monica and Malibu, are impacting areas with a median home value exceeding $2 million, according to AccuWeather Inc. The total damage and economic losses are estimated to range between $52 billion and $57 billion.

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LA Wildfires Pose Long-Term Health and Economic Risks

Hurricane Katrina, which struck in 2005, is still the costliest natural disaster in U.S. history, with damages estimated at $200 billion, according to the National Oceanic and Atmospheric Administration. In contrast, California wildfires in 2018, including the Camp Fire, caused approximately $30 billion in damage.

In addition to the property destruction and loss of life, the Los Angeles wildfires are likely to have long-term health effects from the toxic smoke and could significantly harm the region’s tourism industry, AccuWeather noted.

Jonathan Porter, AccuWeather’s chief meteorologist, said, “This is already one of the worst wildfires in California history. If a large number of additional structures burn in the coming days, it could become the worst wildfire in modern California history based on the number of structures burned and economic loss.”

Officials said that fierce wildfires raged in the Los Angeles area, killing at least five people and destroying more than 1,000 structures.. Fast-moving flames burned through homes and businesses as residents fled smoke-filled canyons and picturesque neighborhoods that are home to many celebrities.