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As fires continue to rage across Southern California and the scope of catastrophic damage, loss of life, business disruptions and other economic impacts becomes clearer, AccuWeather has updated and increased its preliminary estimate of the total damage and economic loss to between $250 billion and $275 billion.
“These fast-moving, wind-driven infernos have created one of the costliest wildfire disasters in modern U.S. history,” AccuWeather Chief Meteorologist Jonathan Porter said. “Hurricane-force winds sent flames ripping through neighborhoods filled with multi-million-dollar homes. The devastation left behind is heartbreaking, and the economic toll is staggering."
The worst of the fires are burning in an area from Santa Monica to Malibu, impacting some of the most expensive real estate in the country, with median home values over $2 million.
At least 25 people have died in the wildfires but officials say the number could be higher.