Los Angeles county wildfires could be costliest in US history, early estimates say
Los Angeles, Jan 11: The wildfires that erupted this week across Los Angeles County are still raging, but already are projected to be among the costliest natural disasters in US history.
The devastating blazes have killed at least 11 people and incinerated more than 12,000 structures since Tuesday, laying waste to entire neighbourhoods once home to multimillion-dollar properties.
While it's still too early for an accurate tally of the financial toll, the losses so far likely make the wildfires the costliest ever in the US, according to various estimates.
A preliminary estimate by AccuWeather put the damage and economic losses so far between USD 135 billion and USD 150 billion. By comparison, AccuWeather estimated the damage and economic losses caused by Hurricane Helene, which tore across six southeastern states last fall, at USD 225 billion to USD 250 billion.
“This will be the costliest wildfire in California modern history and also very likely the costliest wildfire in US modern history, because of the fires occurring in the densely populated areas around Los Angeles with some of the highest-valued real estate in the country,” said Jonathan Porter, the private firm's chief meteorologist.
AccuWeather factors in a multitude of variables in its estimates, including damage to homes, businesses, infrastructure and vehicles, as well as immediate and long-term health care costs, lost wages and supply chain interruptions.
The insurance broker Aon PLC also said Friday that the LA County wildfires will likely end up being the costliest in US history, although it did not issue an estimate. Aon ranks a wildfire known as the Camp Fire in Paradise, California, in 2018 as the costliest in US history up to now at USD 12.5 billion, adjusted for inflation. The Camp Fire killed 85 people and destroyed about 11,000 homes.
The LA County wildfires, which were fuelled by hurricane-force Santa Ana winds and an extreme drought, remained largely uncontained Saturday. That means the final tally of losses from the blazes is likely to increase, perhaps substantially.
“To put this into perspective, the total damage and economic loss from this wildfire disaster could reach nearly 4 per cent of the annual GDP of the state of California,” AccuWeather's Porter said.
In a report Friday, Moody's also concluded that the wildfires would prove to be the costliest in US history, specifically because they have ripped through densely populated areas with higher-end properties.
While the state is no stranger to major wildfires, they have generally been concentrated in inland areas that are not densely populated. That's led to less destruction per acre, and in damage to less expensive homes, Moody's noted.
That's far from the case this time, with one of the largest conflagrations destroying thousands of properties across the Pacific Palisades and Malibu, home to many Hollywood stars and executives with multimillion-dollar properties. Already, numerous celebrities have lost homes to the fires.
“The scale and intensity of the blazes, combined with their geographic footprint, suggest a staggering price tag, both in terms of the human cost and the economic toll,” Moody's analysts wrote. The report did not include a preliminary cost estimate of the wildfire damage.
It could be several months before a concrete tally of the financial losses from the wildfires will be possible.
“We're in the very early stages of this disaster,” Porter said.
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President Trump wants to impose 15% tariff, up from 10% he announced after Supreme Court decision
Washington (AP): President Donald Trump said Saturday that he was raising the global tariff he wants to impose to 15 per cent, up from 10 per cent he had announced a day earlier.
Trump said in a social media post on that he was making the decision “Based on a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued yesterday,” by the US Supreme Court.
After the court ruled he didn't have the emergency power to impose many sweeping tariffs, Trump signed an executive order on Friday night that enabled him to bypass Congress and impose a 10 per cent tax on imports from around the world. The catch is that those tariffs would be limited to just 150 days, unless they are extended legislatively.
Trump's post significantly ratcheting up a global tax on imports to the US yet again was the latest sign that despite the court's check, the Republican president was intent on continuing to wield in an unpredictable manner his favourite tool to for the economy and to apply global pressure. Trump's shifting announcements over the last year that he was raising and sometimes lowering tariffs with little notice jolted markets and rattled nations.
Saturday's announcement seemed to a be a sign that Trump intends to use the temporary global tariffs to continue to flex.
“During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs, which will continue our extraordinarily successful process of Making America Great Again,” Trump wrote on his Truth Social media network.
Under the order Trump signed Friday night, the 10 per cent tariff was scheduled to take effect starting February 24. The White House did not immediately respond to a message inquiring when the president would sign an updated order.
In addition to the temporary tariffs that Trump wants to set at 15 per cent, the president said Friday that he was also pursuing tariffs through other sections of federal law which require an investigation by the Commerce Department.
Trump made an unusually personal attack on the Supreme Court judges who ruled against him in a 6-3 vote, including two of those he appointed during his first term, Justices Neil Gorsuch and Amy Coney Barrett. Trump, at a news conference on Friday, said of the two justices: “I think it's an embarrassment to their families."
He was still seething Friday night, posting on social media complaining about Gorsuch, Coney Barrett and Chief Justice John Roberts, who ruled with the majority and wrote the majority opinion. On Saturday morning, Trump issued another post declaring that his “new hero” was Justice Brett Kavanaugh, who wrote a 63-page dissent. He also praised Justices Clarence Thomas and Samuel Alito, who were in the minority, and said of the three dissenting justices: "There is no doubt in anyone's mind that they want to, MAKE AMERICA GREAT AGAIN!"
