California's devastating fires: Billions in losses mount
California is experiencing one of the most tragic series of fires in its history. Preliminary estimates of the economic losses range from 52 to 57 billion dollars, including property damage, health impacts, and a decline in tourism revenue, according to desertsun.com.
"This is already one of the worst wildfires in California history," emphasized Jonathan Porter, chief meteorologist at AccuWeather. He warned that the situation could worsen if more buildings are destroyed in the coming days. The fires have resulted in the deaths of two civilians and have led to the evacuation of tens of thousands of residents of Los Angeles County, reports desertsun.com.
According to a 2024 report by Moody’s, forest fires in California have caused over 70 billion dollars in insurance losses over the past decade. A report by the Gordon and Betty Moore Foundation estimates that the total economic value of losses from 2017 to 2021 averaged 117.4 billion dollars annually.
This includes reduced tax revenues and increased firefighting response costs, which amount to 5 billion dollars annually for California.
The most affected areas, such as Santa Monica and Malibu, are characterized by expensive properties, the destruction of which has significantly impacted the total losses. Additionally, there are negative effects on tourism and residents' health, related to smoke inhalation and damage to buildings not destroyed by fire.
Fires in los angeles
The fires in Los Angeles, which began on January 7, are among the most destructive in the county's history. Los Angeles Mayor Karen Bass declared a state of emergency, and President Joe Biden offered federal assistance.
As a result of the fires, thousands of properties have been reduced to rubble. Many people have lost their homes, including well-known stars such as Anthony Hopkins, Anna Faris, Adam Brody, and Paris Hilton.
