The Los Angeles wildfire is among the costliest natural disaster the US has ever faced, reports Bloomberg citing a preliminary financial assessment. The wildfire could end up being one of the most expensive ones that the nation has faced.
The blazes, which are consuming some of the nation’s wealthiest neighborhoods around Santa Monica and Malibu, are affecting areas with a median home value over $2 million, according to AccuWeather Inc. The damage and economic losses are expected to total between $52 billion and $57 billion.
Driven by hurricane-force winds, the fires may extend deeper into these affluent communities, destroying even more homes.
Hurricane Katrina in 2005 remains the most expensive natural disaster in US history, with an estimated cost of $200 billion, based on data from the National Oceanic and Atmospheric Administration. In comparison, wildfires in California in 2018, including the Camp Fire, caused around $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.
“This is already one of the worst wildfires in California history,” said Jonathan Porter, AccuWeather’s chief meteorologist. “Should a large number of additional structures be burned in the coming days, it may become the worst wildfire in modern California history based on the number of structures burned and economic loss.”
California wildfires: What we know so far
At least five people were killed and more than 1,000 structures were destroyed as fierce wildfires raged in the Los Angeles area, officials said. Fast-moving flames burned through homes and businesses as residents fled smoke-filled canyons and picturesque neighborhoods that are home to many celebrities.
Many of the towering fires began Tuesday and were fueled by powerful Santa Ana winds, which gusted to more than 70 mph (112 kph) in some spots. The winds persisted Wednesday and for a while made it too dangerous for aircraft to attack the fires from the sky, furthering hampering their efforts. Aerial firefighting resumed Wednesday morning.
