Wildfires still raging across Los Angeles and Southern California have officially become the worst in the region’s history, with economic damages now projected to reach $250 to $275 billion.
Damage costs have now risen sharply, with some estimates predicting total losses between $250 billion and $275 billion. This surpasses the economic impact of other severe weather events like Hurricane Helene, which caused roughly $225-250 billion in total losses, according to a report from AccuWeather. At first, estimates from last week placed the economic damages at $150 billion, with insured losses exceeding $20 billion, before the fires continued to rage and spread.
After devastating large portions of Pacific Palisades and Altadena, as well as many other nearby regions, the fires have sparked outrage and frustration from residents. Some are now blaming city and state officials for not doing enough to safeguard them from an outbreak. Earlier this week, a group of Palisades homeowners sued the City of Los Angeles for not supplying enough water to firefighters or properly utilizing water resources within the county, reported USA Today.
As previously reported by The Dallas Express, months before the current fires, Los Angeles officials reduced the Los Angeles Fire Department’s budget by an alarming $17.6 million despite the growing frequency and threat of wildfires in many areas.
On Wednesday morning, the fire continued to threaten additional areas, including Malibu, Brentwood, and Encino, leaving thousands displaced and stretches of neighborhoods in ruins. Fueled by high winds, the fast-moving fires have torn through neighborhoods filled with multimillion-dollar homes.
Some experts suggested on Thursday that the strongest winds had started to subside, providing firefighters with a window of relief, according to CBS. While conditions are expected to improve over the next few days, the National Weather Service has warned that hazardous conditions and high winds may return next week.
Over 12,000 properties, including homes, businesses, and schools, had been destroyed by the fires as of Tuesday morning, per AOL.
According to an update posted on Monday from Cal Fire, the fires have scorched approximately 40,300 acres of land across several regions. At least 25 deaths have been confirmed, and more than 100,000 residents have been evacuated from their homes.
As of Thursday morning, “tens of thousands” of people remain under evacuation orders from the state.