$52bn cost would rank LA fires among worst US disasters

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A preliminary estimate of the financial impact of the Los Angeles blazes ranks the incident among the costliest ever natural disasters in the US, and likely the nation’s most expensive ever wildfire.

Blazes burning around Santa Monica and Malibu are consuming some of the most pricey real estate in the US, affecting areas where the median home value is more than $2 million, according to AccuWeather. The disaster will likely cause between $52 billion to $57 billion in damage and economic loss, the company said.

Fires fanned by hurricane-force wind gusts may spread flames deeper into these neighbourhoods destroying more homes.

Hurricane Katrina in 2005 is the most expensive US natural disaster, with an estimated cost of $200 billion, according to National Oceanic and Atmospheric Administration data going back to 1980. Blazes across California in 2018, including the Camp Fire, caused an estimated $30 billion of damage.

In addition to the human costs and property damage in Los Angeles, there will likely be longer-lasting health impacts due to acrid smoke, as well as a dent in the region’s lucrative tourism business, AccuWeather said.

“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.”

Source: https://www.moneyweb.co.za/news/international/52bn-cost-would-rank-la-fires-among-worst-us-disasters/