Wildfires in Los Angeles: One of the Costliest Disasters in U.S. History
Recent estimates indicate that the wildfires in Los Angeles could become one of the costliest disasters in U.S. history, with losses already exceeding $135 billion.
A report by the U.S.-based weather forecasting company « AccuWeather » suggests that total losses may range between $135 billion and $150 billion, highlighting the significant impact on a region home to some of the most expensive real estate in the country.
Analysis firms such as « Morningstar » and « JP Morgan » estimate insured losses exceeding $8 billion due to property damage. More than 5,300 structures were damaged by the Palisades Fire, while the Eaton Fire destroyed over 5,000 additional structures.
Despite efforts by authorities to contain the fires, the full extent of the losses remains unclear. Jonathan Porter, Chief Meteorologist at « AccuWeather, » describes the disaster as one of the costliest wildfire catastrophes of modern times.
These wildfires rival events such as the 2018 « Camp Fire » in California, which had insured costs of approximately $12.5 billion. Experts predict that, due to the high value of properties in affected areas, these fires will rank among the top five costliest disasters ever.
The current wildfires are considered the worst in Los Angeles history. U.S. President Joe Biden described them as « the largest and most destructive wildfires in California’s history, » affirming that « climate change is a reality. »
Biden, who declared a major disaster in California, held meetings with senior officials Thursday afternoon to coordinate the federal response.
The Los Angeles County Coroner’s Office reported late Thursday that the death toll had risen to 10. Local authorities announced the deployment of around 400 National Guard troops to combat the fires raging across Los Angeles for three days.
California Governor Gavin Newsom stated Wednesday evening that over 7,500 firefighters, including some from other states, are battling these « unprecedented » fires. The likely causes are electrical short circuits, as California has a long history of wildfires sparked by power lines in high winds.
Experts interviewed by the BBC emphasize that these fires will have economic impacts as well as long-term effects on public health and tourism.
They also exacerbate the ongoing insurance crisis, forcing companies to raise premiums or cancel coverage altogether due to rising risks from natural disasters. According to California’s special « FAIR Plan » program, the number of policies issued has doubled since 2020, surpassing 450,000 by September 2024.
