California wildfires: Historic devastation and massive losses
California is facing one of the most tragic series of fires in its history. Preliminary estimates of economic losses range from 52 to 57 billion dollars, covering property destruction, health impacts, and a decline in tourism revenue, reports desertsun.com.
"This is already one of the worst forest fires in the history of California," emphasized AccuWeather's chief meteorologist, Jonathan Porter. 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 the evacuation of tens of thousands of Los Angeles County residents, reports desertsun.com.
According to a 2024 Moody’s report, forest fires in California have caused over 70 billion dollars in insurance losses over the past decade. The Gordon and Betty Moore Foundation report estimates that the total economic value of losses from 2017 to 2021 averaged 117.4 billion dollars annually.
This figure includes reduced tax revenues and increased costs for fire response, which cost California 5 billion dollars annually.
The most affected areas, such as Santa Monica and Malibu, are characterized by expensive properties, and their destruction heavily influences the magnitude of losses. Additionally, there are negative impacts on tourism and residents' health related to smoke inhalation and damage to buildings not directly touched by the fire.
Fires in Los Angeles
The fires in Los Angeles, which started on January 7, are among the most destructive in the county's history. The mayor of Los Angeles, Karen Bass, declared a state of emergency, and President Joe Biden offered federal assistance.
As a result of the fires, thousands of properties were reduced to rubble. Many people lost their homes, including well-known stars such as Anthony Hopkins, Anna Faris, Adam Brody, and Paris Hilton, reports film.wp.pl.
