Damages And Economic Loss From Southern California Wildfires Could Hit $150 Billion
The blazes have created 'one of the costliest wildfire disasters in modern U.S. history'
The wind-whipped wildfires that have killed at least 10 people and burned tens of thousands of acres in Southern California could cause as much as $150 billion in damages and economic loss, AccuWeather reported Friday citing updated estimates.
"These fast-moving, wind-driven infernos have created one of the costliest wildfire disasters in modern U.S. history," AccuWeather Chief Meteorologist Jonathan Porter said.
"Hurricane-force winds sent flames ripping through neighborhoods filled with multi-million-dollar homes. The devastation left behind is heartbreaking and the economic toll is staggering. To put this into perspective, the total damage and economic loss from this wildfire disaster could reach nearly 4 percent of the annual GDP of the state of California," he said.
The blazes in the Los Angeles area, which exploded on Tuesday, have spread along the Pacific Coast, burning homes and businesses to the ground and forcing the evacuations of thousands of residents.
AccuWeather said it updated its preliminary estimate of the total damage and economic loss to between $135 billion and $150 billion as the "scope of the catastrophic damage, loss of life, business disruptions and other economic impacts become clearer."
The Palisades Fire has enveloped more than 19,000 acres and is only 6% contained as of Friday, making it the most destructive ever in Los Angeles County.
The Eaton Fire has spread to nearly 14,000 acres and is 0% contained, the CalFire website shows.
AccuWeather said it " incorporates independent methods" to evaluate the direct and indirect impacts of the blazes and includes both insured and uninsured losses.
"It is based on a variety of sources, statistics and unique techniques to estimate the damage to property, job and wage losses, crops, infrastructure damage, interruption of the supply chain, auxiliary business losses and flight delays or cancellations," the service said.
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