The Los Angeles wildfires caused tens of billions of dollars in property damage and lost earnings, as infernos burned the Golden State.
The LA Area Chamber of Commerce on Thursday announced that it has received preliminary estimates from the Los Angeles Economic Development Corporation (LAEDC) regarding damage assessment caused by wildfires.
The fires caused about $53.8 billion in property damage based on market value, and about $28 billion in property damage based on reported value, according to the LAEDC.
Taxes could lose about $466 million, according to the analysis.
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A burned fire extinguisher sits in the auditorium of the Eliot Arts Magnet Academy destroyed by the Eaton Fire in Altadena, California, on January 10. (Justin Sullivan/Getty Images)
With more than 15,000 jobs affected, the organization estimates $1.2 billion in lost earnings.
It also estimated that about 2,000 companies were affected by the fires. This brings the total economic loss to an estimated $2.9 billion.
An aerial view shows debris from burned property after the Palisades Fire in the Pacific Palisades neighborhood of Los Angeles on January 10. (Reuters/Daniel Cole)
LA FIRES SET IN RYAN O'NEAL'S HOME MALIBU HAS REPLACED WITH FARRAH FAWCETT.
Estimates from the LAEDC were based on the LA County fire map and county records information for the Palisades and Eaton areas.
Other evaluations are in progress, viz new fires continue to char space.
The National Assembly on Thursday passed a $2.5 billion emergency aid package, by an overwhelming vote of 78-0.
A vehicle passes through a hillside engulfed in flames from the Hughes Fire in Castaic, California, on Wednesday. (AP Photo/Ethan Swope)
The Laguna and Sepulveda fires broke out in Ventura and Los Angeles counties on Thursday, quickly burning about 100 hectares.
Cal Fire reported that the Laguna Fire remains at 0% containment, while the Sepulveda Fire is at 60%, as of 1 pm PT.
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Fast moving Hughes Firewhich erupted in Los Angeles and Ventura counties on Wednesday, is only 14% contained and has burned more than 10,000 acres.