A Los Angeles agency shares the staggering economic impact of deadly wildfires.
The Los Angeles wildfires have caused tens of billions of dollars in property damage and lost wages as they burn through the Golden State.
The LA Area Chamber of Commerce announced Thursday that it has received a preliminary estimate from the Los Angeles Economic Development Corporation (LAEDC) of the damage caused by the wildfires.
The fire caused about $53.8 billion in property damage based on market value and about $28 billion in recorded value, according to the LAEDC.
According to the assessment, the potential lost taxes would be approximately $466 million.
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A fire extinguisher sits in the auditorium at Elott Arts Magnet Academy, which was destroyed by the Eaton Fire on Jan. 10 in Altadena, California. (Justin Sullivan/Getty Images)
The corporation estimated $1.2 billion in lost wages, affecting more than 15,000 jobs.
About 2,000 companies were affected by the fire. This brings the total economic loss to an estimated $2.9 billion.
An aerial view shows the wreckage of burned properties following the Palisades Fire in the Pacific Palisades neighborhood of Los Angeles on January 10. (Reuters/Daniel Cole)
La Fares destroyed Ryan O’Neill’s Malibu home, which he once shared with Farrah Fawcett.
The LAEDC estimates are based on the LA County Fire Hazard Map and existing county records data for both the Palisades and Eaton areas.
Further assessments are underway, as new fires continue to burn the area.
The state House on Thursday approved a $2.5 billion emergency fire aid package in an overwhelmingly bipartisan vote of 78-0.
A vehicle drives through a hillside burned by 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 and quickly burned about 100 acres.
Cal Fire reported that the Laguna fire was at 0% containment and the Sepulveda fire was 60% contained, as of 1pm PT.
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The Hughes Fire, which broke out in Los Angeles and Ventura counties on Wednesday, is only 14 percent contained and has burned more than 10,000 acres.