California will be paying the quarter of a trillion for years, probably decades. From Tyler Durden at zerohedge.com:
A week after a devastating inferno leveled large swaths of Pacific Palisades and Altadena to ash, Los Angeles County remained under a severe fire threat on Wednesday morning. Residents have been left in a state of shock, expressing frustration over what many see as possible negligence by county and/or state officials to mitigate the spread of the fires. The fires have become the region’s worst fire disaster in history, with new damage and economic loss estimates between $250 billion and $275 billion, according to AccuWeather.
“These fast-moving, wind-driven infernos have created one of the costliest wildfire disasters in modern U.S. history,” AccuWeather Chief Meteorologist Jonathan Porter said, adding, “Hurricane-force winds sent flames ripping through neighborhoods filled with multi-million-dollar homes. The devastation left behind is heartbreaking, and the economic toll is staggering.”
AccuWeather predicted economic damages between $250 billion and $275 billion had eclipsed inflation-adjusted damages of $200 billion from Hurricane Katrina, according to JPM analysts.
“Nonetheless, we think the short-term effect on national GDP growth, employment, and inflation will be small, though this could change if the fires worsen substantially,” the analysts said.
