The Los Angeles-based agency shares the staggering economic impact of deadly wildfires
The Wildfires in Los Angeles they have caused tens of billions of dollars in property damage and lost wages, while the inferno continues to burn in the Golden State.
The LA Area Chamber of Commerce announced Thursday that it has received preliminary estimates from the Los Angeles Economic Development Corporation (LAEDC) on destruction assessment caused by forest fires.
The blaze caused approximately $53.8 billion in property damage based on market value and approximately $28 billion in property damage based on recorded value, according to the LAEDC.
Potentially lost taxes will amount to nearly $466 million, according to the estimate.
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A burned out fire extinguisher sits inside the Eliot Arts Magnet Academy auditorium destroyed by the Eaton Fire in Altadena, Calif., on Jan. 10. (Justin Sullivan/Getty Images)
With more than 15,000 jobs affected, the corporation estimates $1.2 billion in lost wages.
It is also estimated that nearly 2,000 businesses were affected by the fires. Thus, the total economic loss is estimated at 2.9 billion dollars.
An aerial view shows debris from burned properties after the Palisades Fire in the Pacific Palisades neighborhood of Los Angeles on January 10. (Reuters/Daniel Cole)
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LAEDC estimates are based on the LA County fire map and existing county records data for the Palisades and Eaton areas.
Further assessments are underway, as new fires continue to char the area.
On Thursday, the state Assembly passed a $2.5 billion emergency fire relief package by an overwhelming bipartisan vote of 78-0.
A vehicle passes a hill 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 district on Thursday, quickly burning nearly 100 hectares.
Cal Fire reported that the Laguna Fire remains 0% contained, while the Sepulveda Fire is 60% contained, as of 1:00 PM PT.
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He moves quickly Hughes Firethat erupted in Los Angeles and Ventura counties on Wednesday, is only 14% contained and has burned more than 10,000 acres.
