Los Angeles wildfire damage exceeds $250 billion, Biden says ‘spare no expense’ Who’s really keeping track of the bill?
The Los Angeles wildfires have burned more than 40,000 acres, destroyed 12,300 buildings and displaced thousands. According to AccuWeather estimates, the financial impact is between $250 billion and $275 billion and counting.
President Joe Biden pledged federal support for the disaster response, saying, “I told the governor and local officials, spare no expense.” For FEMA and other emergency aid agencies, this devastation still raises a critical question: Who will pay for it?
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According to Business Insider, the federal government covers immediate response efforts, including fire prevention and emergency shelters. FEMA provides disaster mitigation and financial assistance to displaced families, but these programs are not designed to fully rebuild homes or businesses. For that, private insurers and residents are largely on their own.
However, insurance coverage is becoming a major hurdle. They have companies like Allstate, State Farm and Farmers It stopped covering recently In high-risk areas, citing the increasing risk of disaster. Many residents remain dependent on the California FAIR Plan, the state’s insurance program of last resort. This often results in higher premiums and comprehensive coverage, leaving homeowners with out-of-pocket costs.
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b Uninsured residentsRebuilding isn’t just challenging — it’s financially challenging. And while state and local governments provide some support, long-term recovery depends largely on private financing and private contributions.
