Report: Calif. Wildfire Costs Estimated at $52-57B

AccuWeather’s Global Weather Center estimated $52 billion to $57 billion in preliminary damage and economic loss from the raging Los Angeles area wildfires.

"This is already one of the worst wildfires in California history," Jonathan Porter, AccuWeather chief meteorologist, said in a statement. "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."

The losses are staggering, the center said.

"AccuWeather experts estimate the total damage and economic loss from the windstorm and wildfires in Southern California is between $52 and $57 billion," Porter added. "This is a terrible disaster. We’re just starting to get a clear look at the magnitude of the destruction and loss.

The estimate is based on a variety of sources, statistics, and unique techniques to estimate the damage to property, job and wage losses, crops, infrastructure damage, interruption of the supply chain, auxiliary business losses, and flight delays or cancellations, according to AccuWeather.

The Palisades fire is the most destructive in LA history and has sent residents fleeing from burning homes.

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