PanamaTimes

Friday, May 09, 2025

California Wildfires Set to Become Costliest in U.S. History

Economic losses from the Southern California wildfires could reach up to $57 billion, surpassing previous records and highlighting the growing toll of wildfires in the region.
The ongoing wildfires in Southern California could result in economic losses ranging from $52 billion to $57 billion, marking them as potentially the costliest blazes in U.S. history, according to an analysis from AccuWeather’s Global Weather Center.

The estimate includes both direct and indirect impacts of the fires, including damage to property, wages, crops, infrastructure, supply chains, and travel.

Jonathan Porter, AccuWeather's chief meteorologist, warned that should additional structures be burned, the wildfires could surpass the damage seen in previous catastrophic events, such as Maui's 2023 wildfires, which incurred damages of $13 billion to $16 billion.

The fires have already claimed at least five lives, and many residents, especially in high-risk areas like Pacific Palisades, are struggling with the lack of property insurance as insurance companies shy away from covering expensive, high-risk zones.

The fires’ rapid spread through densely populated areas threatens to further escalate the damage, with economists warning that the loss estimate could be revised upwards significantly.

The economic toll is expected to exceed $20 billion in insured losses, potentially making these wildfires the most expensive in U.S. history.

California's leaders are already preparing emergency disaster relief measures to support affected communities as the situation continues to develop.
Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Historic Papal Conclave Set to Commence in Rome
Huge Copper, Gold, and Silver Discovery in Argentina and Chile — But the Profits Go Abroad
Trump Rules Out Third Term, Names JD Vance and Marco Rubio as Potential Successors
Mexico Says ‘No’ to U.S. Troops: President Sheinbaum Rejects Trump’s Offer to Fight Cartels
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
Transformative Changes in Women's Wrestling: The Rise of WWE Superstars
Brazilian Woman Jailed for Fourteen Years for Writing “You Lost, Idiot” on Statue During Protest
U.S. Economy Shrink in Trump’s First Quarter as Tariff Policy Raises Questions
Carney Secures Liberal Mandate in Canada’s Federal Election
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
Driver Ploughs into Vancouver Festival Crowd, Killing Nine
Depression, Fear of Defamation, and a Tragic End: New Details on Virginia Giuffre’s Suicide
Specialized anti-drone weapons deployed among security personnel Ahead of Papal Funeral
How do you fix this culture?
Corrupted from Within: How Deep State Power and Unelected Judges Hijacked Democracy Against the Will of the People
World Leaders Gather in Rome for Pope Francis's Funeral
Milwaukee Judge Arrested on Allegations of Aiding Undocumented Immigrant’s Escape
Pope Francis: head of the Catholic church who pushed for social and economic justice
Cultural Battles in the Vatican: The Candidates in the Battle for the Holy See and Pope Francis's Testament
Global Leaders Pay Tribute to Pope Francis Following His Death
Wild Chimpanzees Observed Bonding Over Alcoholic Fruit
El Salvador Proposes Prisoner Exchange with Venezuela Amid Deportation Controversy
US Government Defends Deportation of Salvadoran National Kilmar Abrego Garcia
A casino in Mexico burns at the hands of cartels
Pope Francis Makes Brief Appearance at Easter Sunday Mass
"Some complain that we put thousands in prison. In reality, we set millions free."
US Judge Blocks Trump Administration's Rapid Deportation Policy
U.S. State Department Raises El Salvador’s Safety Ranking, Making It Safer Than France and Other European Nations
U.S. and Panama Finalize Defense Agreements Amid Canal Access and Chinese Influence Concerns
China Stands Firm Amidst Trade Disputes with the US: A Factual Analysis
Helicopter crashes from the sky in NYC with four people aboard.
Spain Encounters Nationwide Demonstrations Amid Rising Housing Crisis
Alisha Lehmann's Modeling Campaign and Public Controversy Stir Debate Ahead of UEFA Women's Euro
Global Markets Dive as U.S.-China Trade Disputes Intensify
Tom Cruise Honors Val Kilmer at CinemaCon
OpenAI Attains Unprecedented $40 Billion Investment
Argentina’s “Magician” or a PR Illusion? “Individuals Are Sifting Through Garbage and Resting on the Streets”
Ecuador Gears Up for Influx of US Military as Measures Intensify Against Violent Drug Cartels
The Trump Administration Withdraws Legal Status for More than 530,000 Immigrants from Four Nations.
Deportation of Alleged Venezuelan Gang Members to El Salvador Raises Legal and Human Rights Concerns
Leaders of the US and Ukraine Hold Constructive Discussion During Ongoing Crisis
US Federal Reserve Revises Down Economic Growth Projections Due to Tariff Ambiguities
EU Charges US Tech Giants with Violating Digital Regulations
Trump Administration's Deportation of Alleged Gang Members Sparks Legal Dispute
Intense Tornadoes and Dust Storms Result in 33 Deaths Throughout Central and Southern United States
CK Hutchison, led by Li Ka-shing, encounters backlash from China regarding the sale of Panama Canal ports to a consortium led by BlackRock.
Meta to Introduce Community Notes Feature in March as Part of New Content Moderation Approach
Trump's ambassador nominee confirmed Canada's sovereignty during trade disputes.
The ICC’s retaliation on behalf of drug traffickers against Philippine President Duterte, who took a stand against them and shielded 100 million Filipinos from the drugs-death trade—overlooking the reality that every triumph carries its own price.
×