“This will be the costliest wildfire in California modern history and also very likely the costliest wildfire in U.S. modern history, because of the fires occurring in the densely populated areas around Los Angeles with some of the highest-valued real estate in the country,” said Jonathan Porter, AccuWeather’s chief meteorologist.
That disaster is now estimated at $12.5 billion, adjusted for inflation. It killed 85 people and destroyed about 11,000 homes.
California wildfires show we are not prepared for climate change
The fires have killed at least 24 people and burned more than 12,000 structures since Tuesday, media outlets reported. AccuWeather meteorologist Alex DaSilva warned of another “incredibly dangerous week near the fire zones and across much of the Los Angeles region as stronger wind gusts return.”
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Other entities projecting the disaster to be among the costliest include insurance broker Aon PLC and Moody’s, per The Associated Press. A firm estimate of the financial losses won’t be known for several months.
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CNBC reports the insured losses from the fires may exceed $20 billion, according to estimates published by JPMorgan. That would surpass the damage from the 2018 Camp Fire in Paradise, California, the costliest blaze in U.S. history.
