NYP estimated possible damage from the Los Angeles fires at more than $50 billion

The fires in Los Angeles may become the largest in the history of California, the amount of damage is tentatively estimated at $50 billion, The New York Post reported on Thursday, January 9.

According to the report of the international weather forecasting service AccuWeather, the fires are now raging in several areas of Los Angeles, particularly in Santa Monica and Malibu. The average value of homes in the fire-ravaged neighborhoods exceeds $2 million.

"This is already one of the worst wildfires in California history <...>. If more structures burn in the coming days, it could become the worst wildfire in modern California history in terms of number of structures burned and economic losses," AccuWeather Chief Meteorologist Jonathan Porter said.

Experts from the weather center also warned of long-term negative effects. They said the tourism industry would be hit hard and health care costs would rise because of the toxic effects of spreading the results of burning homes, cars, chemicals and fuels.

Increased fires in the region have forced insurance companies to refuse to provide services to California residents. State Farm announced in 2023 that it would no longer accept new applications for homeowners insurance because of catastrophe risk. In 2024, the firm refused to provide insurance coverage for 72,000 homes and apartments in the state, the publication said.

A song of flames: terrible fires rage in Southern California

More than 2,000 buildings destroyed, at least five people killed

Numerous wildfires in Los Angeles were reported the day before. Extinguishing continues, strong winds fuel the fire, rescue teams lack water. In connection with the fires, the current US President Joe Biden declared a major disaster regime in the state of California.

Emergency services have urged residents to prepare to evacuate. Los Angeles resident Don Reiman told Izvestia that in the neighborhood where he lives, managed to defend only his house, and the rest of the buildings burned to the ground.

In addition, the fire destroyed the luxury mansions of Hollywood actors and celebrities, including Anthony Hopkins, Adam Brody, Anna Faris, Eugene Levy, John Goodman, Billy Crystal and Paris Hilton. Many of these homes were worth millions of dollars.