The wildfires currently blazing in the Los Angeles area present a dire economic scenario, potentially rivaling some of the most costly natural disasters in U.S. history. Estimates suggest the economic damage could reach up to $250 billion, which is comparable to the losses experienced during Hurricane Katrina, when adjusted for inflation.
According to AccuWeather Chief Meteorologist Jonathan Porter, the total losses from the fires may approach 4% of California’s Gross Domestic Product (GDP).
