On Thursday, January 9, wildfires continue to ravage on a large scale on both sides of Los Angeles, with no control yet in sight. According to the AccuWeather private meteorological forecasting company, the economic losses caused by the wildfires are estimated to exceed $150 billion and have forced over 180,000 people to flee their homes.
The Palisades Fire between Santa Monica and Malibu on the west side of Los Angeles and the Eaton Fire near Pasadena on the east have become the most destructive wildfires in Los Angeles history.
Officials have confirmed that several wildfires have already claimed the lives of at least 6 people. Los Angeles County Sheriff Robert Luna stated that the death toll is likely to rise, adding that the Eaton Fire alone has damaged or destroyed 4,000 to 5,000 structures. The Palisades Fire has also destroyed 5,300 structures.
According to statistics from the California Department of Forestry and Fire Protection, a total of 92 wildfires have burned over 33,000 acres of land in the past few days. Currently, there are still 5 dangerous wildfires spreading, namely:
– Palisades Fire, burning 17,234 acres with 0% containment.
– Eaton Fire, burning 13,690 acres with 0% containment.
– Kenneth Fire, burning 960 acres with 0% containment.
– Hurst Fire, burning 671 acres with 10% containment.
– Lidia Fire, burning 348 acres with 60% containment.
Among them, the Kenneth Fire broke out suddenly at 3:34 pm on Thursday near the border of Los Angeles County and Ventura County. The cause of the fire is still under investigation. Initially, the fire spread rapidly within a few hours, dangerously close to homes in the area. However, it seems that the fire has now slowed down.
AccuWeather stated on Thursday that the economic losses from these wildfires are estimated to range from $135 billion to $150 billion, including insured and uninsured losses. This figure is a significant increase from the previous estimate of $52 billion to $57 billion.
AccuWeather’s Chief Meteorologist Jonathan Porter said in a statement, “These fast-moving, wind-driven fires are causing one of the costliest wildfire disasters in modern American history.”
“The destruction caused by the fires is heartbreaking, and the economic losses are staggering,” Porter said. “The total losses and economic impact from this wildfire could be nearly 4% of California’s annual GDP.”
These are just preliminary estimates, and it is only when the fires are brought under control that the extent of the losses, casualties, and other impacts can be monitored and understood clearly.
If the fires continue to spread into densely populated communities, there could be thousands of expensive buildings destroyed. This could lead to a significant upward revision of AccuWeather’s estimated economic losses.
Especially in the areas where the fires are spreading, some of the most expensive real estate in the US is at risk. AccuWeather emphasizes that Santa Monica extending to Malibu has homes with an average price exceeding $2 million.
AccuWeather stated, “Due to the smoke inhalation and potential smoke damage to surviving structures, there is significant risk to residents, their homes, and businesses, as well as negative impacts on tourism and health.”
The company also mentioned that many residents in the Pacific Palisades area have stated they do not have property insurance as insurance companies no longer provide coverage for real estate in this high-priced and high-risk area.