California Wildfires Cause Historic Damage, Estimated Losses Up to $150 Billion
The devastating wildfires ravaging California for the past week are expected to result in unprecedented economic costs, destroying homes, infrastructure, and disrupting businesses.
Thousands of homes have been reduced to ashes, with average house prices in the state around $780,000, and even higher in affluent areas like Pacific Palisades, where some properties are valued at $3 million.
AccuWeather estimates that the damage and economic losses in the region range from $135 billion to $150 billion, with 24 reported fatalities as of Sunday.
Chief meteorologist Jonathan Porter called the fast-moving, wind-driven fires one of the costliest wildfire disasters in U.S. history. He described the scenes of devastation as “heartbreaking” and the economic toll as “staggering,” adding that the losses could represent nearly 4 percent of California’s annual GDP.
