UCLA economists calculate that the recent wildfires in Southern California caused $95 billion to $164 billion in total property and capital losses, in a new report out today from the UCLA Anderson Forecast.
The Palisades and Eaton fires could also cause a loss of $4.6 billion to the county GDP, said UCLA economists Zhiyun Li and William Yu in their report assessing the economic impacts of the fires.
At last count, 29 people died in the fires in the Pacific Palisades and Altadena. The wildfires destroyed more than 16,000 homes and structures, and damaged 2,000 more.
Other impacts include:
- Local businesses and employees in the affected areas could face a total wage loss of $297 million.
- Without substantial and effective wildfire mitigation efforts and investments, Californians will face increasingly higher insurance premiums and growing health risks from wildfire-related pollution.
- L.A. housing markets, in particular rental units, will become increasingly unaffordable.
