Los Angeles wildfires cause economic losses exceeding $150 billion

US private forecaster AccuWeather said that estimated damage and economic loss from the California wildfire, already one of the worst in history, is over $150 billion at a preliminary level.

Raging wildfires in Los Angeles killed several people, destroyed hundreds of buildings and stretched firefighting resources and water supplies since they began on Tuesday, with fierce winds hindering firefighting operations and fueling the fires.

AccuWeather, which estimates the loss between $135 billion and $150 billion, added that if the fire spread to densely populated neighborhoods the current estimates for loss would have to be revised upward.

“Should a large number of additional structures be burned in the coming days, it may become the worst wildfire in modern California history based on the number of structures burned and economic loss,” AccuWeather Chief Meteorologist Jonathan Porter said.

Property consultant CoreLogic estimates that there are over 456,000 homes, with nearly $300 billion in reconstruction value, at moderate or greater risk within the Los Angeles and Riverside metropolitan areas.

However, this number represents the areas at risk in general and not linked to the ongoing fire event.