The Los Angeles wildfire is on course to rank among the priciest natural disasters in US history, with Bloomberg indicating a preliminary financial evaluation of the impact. The wildfires, which are blazing through some of the most affluent regions around Santa Monica and Malibu, could lead to losses estimated between $52 billion and $57 billion. These regions, known for their median home values surpassing $2 million, are facing severe damage from the fires, which are worsened by hurricane-force winds.
If the blazes persist in spreading through these high-end neighborhoods, the destruction could be even greater. The 2005 Hurricane Katrina continues to be the most expensive disaster in US history, with an approximated cost of $200 billion, per the National Oceanic and Atmospheric Administration. In contrast, the 2018 California wildfires, including the Camp Fire, resulted in damages of around $30 billion.
In addition to property damage and fatalities, the prolonged health repercussions from poisonous smoke and possible negative effects on California’s tourism sector are further worries. Jonathan Porter, AccuWeather’s chief meteorologist, stated, “This is already one of the worst wildfires in California history. If a significant number of additional buildings are burned in the upcoming days, it may turn into the worst wildfire in modern California history in terms of the number of structures destroyed and economic impact. ”
Up to this point, at least five individuals have lost their lives, and more than 1,000 buildings have been demolished. The fires, driven by strong Santa Ana winds gusting over 70 mph, have caused residents to evacuate smoke-filled canyons and neighborhoods. The ferocity of the flames rendered aerial firefighting efforts unsafe for a period, but operations resumed on Wednesday morning.
