The massive fire ravaging Los Angeles could cause $150 billion in damage, three times the cost originally expected to be the costliest fire in U.S. history, the report said.
AccuWeather experts modify estimates Fires continued to burn in some of Los Angeles County's most affluent areas Friday, with damage estimates ranging from about $50 billion to between $135 billion and $150 billion.
“These fast-moving wind infernos sparked one of the costliest wildfire disasters in modern U.S. history,” AccuWeather Chief Meteorologist Jonathan Porter said in a statement. “Hurricane-force winds swept the flames through an area full of multimillion-dollar homes.”
The total economic loss from the Los Angeles fires could reach nearly 4% of California's annual GDP, Porter added.
The record amount of damage will make the Los Angeles fire the costliest fire in U.S. history.
The 2018 Camp Fire was the deadliest and most destructive wildfire in California history to date, causing approximately $16.5 billion in damage.
And the 2020 wildfires that devastated California, Oregon, Colorado, Montana, Washington, and Wyoming cost between $130 billion and $150 billion.
These fires cost California $19 billion.
AccuWeather experts say California faces even more extreme fire danger early next week as Santa Ana winds are expected to pick up. LA authorities are still investigating the cause of the wildfire.
Celebrities including Paris Hilton, Anna Faris, Leighton Meester and Adam Brody have confirmed that their homes were destroyed in the fire.
Embers raced through the town, igniting new flames and destroying small businesses and schools.
Thousands of homes and businesses destroyed, infrastructure damaged, long-term rebuilding and relocation costs, cleanup and recovery costs, emergency shelter costs, and medical costs for those injured or exposed to toxic fumes pile up. It is said to cost a lot of money. To AccuWeather.
Experts added that displacement and loss of wages for thousands of people across Southern California whose jobs were affected by business closures also contributed to the damage.
Properties that remain are likely to have suffered fire or water damage, further increasing costs.
“Sadly, my life changed forever in a matter of minutes,” Mr Porter said. “Many families may not be able to afford to rebuild or repair and return. Businesses may not recover and jobs may be lost forever. Thousands of people are in desperate need of help. Masu.”
A devastating fire in the Palisades area on Tuesday could further worsen the state's insurance crisis.
Major insurance companies have been pulling plans from California in recent years as catastrophic fires become more common.
State Farm announced it will no longer accept new applications for homeowners insurance in 2023, citing catastrophic risk.
Last year, the company announced it would end coverage for 72,000 homes and apartments in the state.
“Our top priority at this time is the safety of our customers, agents and employees affected by the fire and supporting our customers during this tragedy,” State Farm said in a statement. he told the Post.
in October blog post on websiteState Farm said California's insurance crisis is due to rising labor and material costs, worsening wildfire risk and outdated state insurance regulations.
