LA fires could be among costliest US natural disasters at $57bn
Last updated: 06:24 09 Jan 2025 EST, First published: 01:24 09 Jan 2025 EST
Fires currently sweeping across Los Angeles could be one of the most expensive natural disasters ever seen in the United States.
According to commercial weather forecaster AccuWeather, the blazes are likely to cause between US$52 billion and US$57 billion of damage and economic loss.
Swept by hurricane-force wind, flames have already engulfed areas in Santa Monica and Malibu where the median home value is above US$2 million.
AccuWeather added gusts could see the fires stretch further into these neighbourhoods, causing human cost, long-term health issues, destruction of homes and hitting tourism.
“This is already one of the worst wildfires in California history,” AccuWeather chief meteorologist Jonathan Porter commented.
“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.”
Hurricane Katrina in 2005 is the US’ most expensive natural disaster, Bloomberg-cited figures show, having cost an estimated US$200 billion.
Previous fires across California in 2018, such as the Camp Fire, were also estimated to have caused US$30 billion of damage.
At least five people have been killed as a result of the latest blazes since they began on Tuesday, while over 130,000 have been told to evacuate.
