In January, the Eaton and Palisades fires in Los Angeles County resulted in estimated economic losses of $95 to $164 billion, potentially making them the second-costliest natural disaster in U.S. history. The devastation led to the death of at least 29 individuals, destruction of 37,000 acres, and over 16,000 structures, including many homes. Insured losses amount to $75 billion, with a projected reduction of LA's GDP by $4.6 billion by 2025. The fires have intensified California's insurance crisis, prompting Governor Newsom to lobby for federal aid.
The fires from January are projected to rank among the costliest natural disasters in U.S. history, with losses potentially reaching up to $164 billion.
Economists estimate the disaster's impacts could shrink LA's GDP by approximately $4.6 billion by 2025, indicating a significant long-term economic effect.
Governor Newsom is actively seeking federal disaster aid, highlighting the urgency of recovery efforts amidst California's ongoing insurance crisis.
Li indicated that economic recovery from such a disaster is uncertain, emphasizing that the local economy could face prolonged challenges.
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