AccuWeather has estimated that the ongoing wildfires across Los Angeles County have caused economic losses exceeding $50 billion, with damages projected to rise further.
The fires, which began on Tuesday, have destroyed thousands of structures, displaced over 137,000 residents, and stretched firefighting resources to their limits.
The Palisades Fire, one of the largest, has burned 15,832 acres and destroyed hundreds of homes in high-value areas such as Pacific Palisades, Malibu, and Santa Monica. Aerial footage shows entire neighborhoods reduced to ash, emphasizing the significant economic impact.
AccuWeather estimates total losses could range between $52 billion and $57 billion, warning that figures may increase if the fires spread to more densely populated areas. Chief Meteorologist Jonathan Porter described the fires as among the most destructive in California’s history, with the potential to surpass past wildfire records.
The Eaton Fire in the San Gabriel Mountains has burned 10,600 acres, destroyed 1,000 structures, and claimed at least five lives. Property consultant CoreLogic reported that over 456,000 homes, collectively valued at nearly $300 billion, are at moderate to high risk in Los Angeles and Riverside counties.
Criticism has also surfaced over the region’s preparedness, with Los Angeles Mayor Karen Bass facing backlash for cutting $17 million from the fire department’s budget last summer. While the mayor defended her absence during the outbreak, stating she remained in contact with officials, critics argue the budget cuts have contributed to strained firefighting resources.
The wildfires, fueled by dry conditions and hurricane-force winds, continue to pose significant risks, with firefighting operations struggling to contain multiple uncontained blazes. Experts warn the economic and social toll could rise as the fires persist.
