One of the most expensive disasters in the United States, the Los Angeles wildfire may have caused damage of $57 billion: Report

Damages from the Los Angeles wildfire are estimated to be between $52 billion and $57 billion, making it one of the most expensive natural disasters in US history.

According to a preliminary financial assessment cited by Bloomberg, the Los Angeles wildfire is one of the most expensive natural disasters the United States has ever experienced. It may turn out to be one of the most costly wildfires the country has ever experienced.

According to AccuWeather Inc., the fires are engulfing some of the most affluent neighborhoods in the country, including those near Santa Monica and Malibu, where the median home value is more than $2 million. An estimated $52 billion will be lost in economic losses and damage.

Hurricane-force winds could cause the fires to spread farther into these wealthy neighborhoods, resulting in the loss of even more homes.
According to data from the National Oceanic and Atmospheric Administration, Hurricane Katrina in 2005 cost an estimated $200 billion, making it the most costly natural disaster in US history. In contrast, the Camp Fire and other wildfires in California in 2018 resulted in damage of about $30 billion.
According to AccuWeather, the Los Angeles wildfires could seriously hurt the area’s tourism sector in addition to causing property damage and fatalities. The poisonous smoke from the fires is also expected to have long-term health effects.

According to Jonathan Porter, chief meteorologist for AccuWeather, “this is already one of the worst wildfires in California history.” “Should many more buildings be destroyed by fireBased on the number of buildings destroyed and the amount of money lost, it could turn into the worst wildfire in contemporary California history in the days ahead.”
What we currently know about wildfires in California
Authorities said that as intense wildfires raged in the Los Angeles area, at least five people were killed and over 1,000 structures were destroyed. As residents fled smoke-filled canyons and charming neighborhoods that are home to many celebrities, fast-moving flames tore through homes and businesses.

Strong Santa Ana winds that gusted to over 70 mph (112 kph) in some places fueled many of the tall fires that started Tuesday. Wednesday’s persistent winds made it unsafe for planes to strike the fires from the air for a while, which furthered impeding their work. On Wednesday morning, aerial firefighting was resumed.

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