Ongoing wildfires in Los Angeles have caused unprecedented destruction, with losses projected to reach between $135 billion and $150 billion. Over 450,000 homes valued at approximately $300 billion remain at risk.
So far fires have burned through 31,000 acres of land destroying over 6,000 structures. Residents like Halit from Altadena, Los Angeles, stood devastated in front of their burned-down homes, unable to comprehend the destructio – ABC reported.
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Thousands of families have lost their homes, gardens and vehicles. Many are unable to recognize their once-familiar surroundings. Fires considered one of the worst in California’s history continue to engulf thousands of acres and properties.
Private estimates suggest the economic losses could reach up to $1.5 trillion. US Weather Agency, AccuWeather, reported that several luxury homes with average values exceeding $2 million were also destroyed. Meanwhile, over 350,000 homes and businesses are without electricity.
Insurance-related damages from the wildfires are estimated at nearly $1 trillion according to brokerage firm JP Morgan.
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Property consultancy firm CoreLogic estimates that over 456,000 homes in Los Angeles and Riverside metropolitan areas, worth nearly $300 billion are currently under threat.
Read more: Water Recedes in Makkah and Madinah, Emergency Alerts Lifted
To combat the devastation and support recovery efforts, the federal government has pledged to cover all expenses for the next six months.
This includes debris removal, risk mitigation, and emergency funding to safeguard lives and properties in Southern California.
