LA wildfires have caused more than $250 billion in damages and economic loss: report

The catastrophic Los Angeles wildfires that have reduced entire neighborhoods to piles of ash are estimated to have caused damages and economic losses between a staggering $250 and $275 billion, according to a report.The deadly wildfires, which have torched more than 40,000 acres and destroyed over 12,000 structures over the last week, is now one of the costliest natural disasters in US history, according to the latest estimate from AccuWeather — as the blazes, fueled by strong winds, continue to burn.“Hurricane-force winds sent flames ripping through neighborhoods filled with multi-million-dollar homes,” AccuWeather Chief Meteorologist Jonathan Porter said.“The devastation left behind is heartbreaking, and the economic toll is staggering.”“Tragically, lives have been changed forever in just a matter of minutes.

Many families may not be able to afford to rebuild or repair and return.Businesses may not be able to recover, and jobs will be permanently lost.

Thousands of people are in desperate need of help, initially the basic and life-sustaining needs of food, water and shelter, as this tragedy unfolds,” Porter said.“The recovery process will be extremely expensive and emotionally challenging in the months and years to come,” he added.The grim calculation eclipses the $210 billion (adjusted for inflation) in estimated damages and economic losses from Hurricane Sandy, which battered New Jersey and New York in 2012, AccuWeather meteorologist Marshall Moss told The Post.The damage and economic losses of the LA wildfires have also surpassed 2017’s Hurricane Harvey ($230 billion) and 2024’s Hurricane Helene ($225-250 billion).The 2023 Maui wildfires, which killed more than 100 people, had estimated damages and losses of between $13 and $16 billion.AccuWeather’s estimate factors in homes and business damaged, infrastructure damage, costs of rebuilding and relocating people whose homes were destroyed.

It also includes cleanup costs, emergency resp...