Private Forecaster Estimates LA Wildfire Loss At Over $50 Billion

The California wildfires in Los Angeles, among the most destructive in history, have caused an estimated $50 billion in damage and economic losses, according to preliminary data from private forecaster AccuWeather, Pritam Biswas reported for Reuters.

The wildfires, which began Tuesday, have killed at least two people, destroyed hundreds of buildings, and severely stretched firefighting resources and water supplies. I Photo: Los Angeles Fire Department Facebook

The wildfires, which began Tuesday, have killed at least two people, destroyed hundreds of buildings, and severely stretched firefighting resources and water supplies. Fierce winds have further fueled the fires and hampered containment efforts.

AccuWeather estimated total losses between $52 billion and $57 billion but warned that these figures could rise if the fire spreads to densely populated areas.

"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," said Chief Meteorologist Jonathan Porter.

For comparison, the 2023 Maui wildfires resulted in estimated losses of $13 billion to $16 billion. J.P. Morgan predicts insured losses from the LA wildfire could reach $10 billion, according to a brokerage note.