Wildfires in Los Angeles could cause the worst damage to California’s economy in state history. About this writes The Washington Post, citing analyst forecasts.
Los Angeles fire damage estimated at $150 billion
Author: Team RB
JP Morgan expert Jimmy Bhullar estimates that insured fire losses could exceed $20 billion, with total damages amounting to $50 billion. AccuWeather Chief Meteorologist Jonathan Porter, in turn, said the figure could range between $135 billion and $150 billion.
Previously, the costliest fire in California history was the 2018 fire in Paradise, which caused $30 billion in damage.
Both analysts attributed their forecasts to the fact that the fires had ripped through some of Los Angeles County’s most expensive neighborhoods, including Pacific Palisades and Malibu, where the median home price exceeds $3 million. in modern US history,” Porter said. Looking ahead, total damage and economic losses from the wildfire could amount to about 4% of California’s annual GDP, he added.
Wildfires have been burning in Los Angeles since January 7. At least five people were killed, and authorities expect that number to rise. About 180 thousand residents were evacuated, and another 200 thousand received evacuation warnings. More than 1 thousand buildings were destroyed, and about 15 thousand are still under threat.
In November, a report by the consulting company Oxera, prepared for the COP29 climate summit in Azerbaijan, showed that over the past two years, global economic damage from natural disasters amounted to $451 billion. The greatest damage was suffered by the United States – $934.7 billion.
Cover photo: Apu Gomes/Getty Images
Source: rb.ru
