Wildfires in Los Angeles region set to become most expensive in U.S. history

Massive wildfires sweeping through Los Angeles' affluent neighborhoods could result in economic losses of up to $150 billion, surpassing previous wildfire records in the U.S.

Julian Mark and Aaron Gregg report for The Washington Post.

In short:

• The Palisades Fire has destroyed more than 1,000 structures and forced 180,000 residents to evacuate, with another 200,000 on alert.
• Analysts project insured losses to top $20 billion, with total economic losses ranging from $50 billion to $150 billion due to damage in high-value areas like Malibu.
• Experts warn of long-term impacts on infrastructure, water contamination and health costs related to smoke exposure.

Key quote:

“These fast-moving, wind-driven infernos have created one of the costliest wildfire disasters in modern U.S. history.”

— Jonathan Porter, AccuWeather chief meteorologist

Why this matters:

Wildfires increasingly strain California's economy and resources, driven by climate-related drought and heat. The rising frequency and intensity of fires also impact public health, housing and long-term recovery efforts in vulnerable areas.

Related: Wildfires rage in Los Angeles. Why are they so bad?