Official economic reports and estimates from AccuWeather or insurance companies like Aon PLC

Los Angeles County Wildfires, Causing 11 Deaths and Destroying 12,000 Structures, Projected to Be Costliest in U.S. History at Up to $150 Billion

Jan 11, 2025, 08:49 PM

The wildfires that have erupted across Los Angeles County are projected to be among the costliest natural disasters in U.S. history, with preliminary estimates from AccuWeather suggesting damage and economic losses could range between $135 billion and $150 billion. These fires have already claimed at least 11 lives and destroyed over 12,000 structures, devastating neighborhoods with multimillion-dollar properties. The blazes, fueled by hurricane-force Santa Ana winds and an extreme drought, remain largely uncontained, indicating that the final tally of losses could increase significantly. The economic impact of the disaster could reach nearly 4% of California's annual GDP, according to AccuWeather's chief meteorologist, Jonathan Porter. The fires have burned approximately 38,000 acres, an area 2.5 times the size of Manhattan. The insurance broker Aon PLC has also stated that the L.A. County wildfires are likely to be the costliest in U.S. history, surpassing the previous record set by the 2018 Camp Fire in Paradise, California, which caused $12.5 billion in damage. Moody's has similarly concluded that the wildfires will be the costliest in U.S. history due to their impact on densely populated areas with high-value real estate.