As wildfires continue to rage across Southern California and the scope of catastrophic damage, loss of life, business disruptions and other economic impacts becomes clearer, AccuWeather has increased its preliminary estimate of the total damage and economic loss to between $250 billion and $275 billion.
“These fast-moving, wind-driven infernos have created one of the costliest wildfire disasters in modern U.S. history,” the report reads.
The worst of the fires are burning in an area from Santa Monica to Malibu, impacting some of the most expensive real estate in the country, with median home values over $2 million. It may become the worst wildfire in modern California history based on the number of structures burned and economic loss.
The damage and economic loss in Los Angeles is far higher than the deadly Maui wildfires in 2023, which were $13 billion to $16 billion and have also surpassed the $225 to $250 billion estimate for damages and economic loss after 2024's Hurricane Helene.
