Firefighters have been rushed to cut off the fire before potentially strong winds return and intensify the flames towards the world-famous J. Paul Getty Museum and the University of California, Los Angeles.
Moreover, wildfires are estimated to be among the costliest natural disasters in the history of the United States. Having been a reason for 16 deaths so far, the wildfires are responsible for destroying 12,000 structures, which once used to be multimillion-dollar properties.
AccuWeather estimates the loss caused by wildfires
According to an estimate put forward by AccuWeather, the damage and economic losses so far may range between USD 135 billion and USD 150 billion. Contextually, AccuWeather estimated the damage and economic losses caused by Hurricane Helene, which tore across six southeastern states last fall, at USD 225 billion to USD 250 billion.
The chief meteorologist of AccuWeather said that the California wildfires can be the costliest in US history since they have occurred in the "densely populated areas around Los Angeles with some of the highest-valued real estate in the country."
AccuWeather considers multiple factors to make an estimation, including damage to homes, businesses, infrastructure, and vehicles, as well as immediate and long-term healthcare costs, lost wages, and supply chain interruptions.
Here's what insurance broker Aon PLC says
The insurance broker Aon PLC also said Friday that the LA County wildfires will likely end up being the costliest in US history, although it did not issue an estimate.
Aon ranks a wildfire known as the Camp Fire in Paradise, California, in 2018 as the costliest in US history up to now at USD 12.5 billion, adjusted for inflation.
(With inputs from AP)
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