Categories: U.S.

Los Angeles agency reveals estimated economic impact of deadly wildfires as infernos still rage

close Video

Cockpit video captures California Air National Guard fighting Hughes Fire

C-130J Super Hercules aircraft seen flying low while dropping fire retardant in Los Angeles County. (146 Airlift Wing/California Air National Guard/TMX)

The Los Angeles wildfires have caused tens of billions of dollars in property damage and lost wages, as infernos continue to scorch the Golden State.

The L.A. Area Chamber of Commerce on Thursday announced it received preliminary estimates from the Los Angeles Economic Development Corporation (LAEDC) on the assessment of the devastation caused by the wildfires. 

The flames 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 account for nearly $466 million, according to the assessment.

CALIFORNIA FIRES: ESSENTIAL PHONE NUMBERS FOR LOS ANGELES-AREA RESIDENTS AND HOW YOU CAN HELP THEM

A burned fire extinguisher sits in the auditorium at the Eliot Arts Magnet Academy that was destroyed by the Eaton Fire in Altadena, California, on Jan. 10. (Justin Sullivan/Getty Images)

With more than 15,000 jobs impacted, the corporation estimates $1.2 billion in lost wages. 

It also estimates nearly 2,000 companies were impacted by the fires. This brings the total economic loss to an estimated $2.9 billion. 

An aerial view shows debris from burned properties following the Palisades Fire in the Pacific Palisades neighborhood of Los Angeles on Jan. 10.  (Reuters/Daniel Cole )

LA FIRES DESTROYED RYAN O’NEAL’S MALIBU HOME HE ONCE SHARED WITH FARRAH FAWCETT

Estimates from the LAEDC were based on the L.A. County fire map and existing county records data for both the Palisades and Eaton areas. 

Further assessments are in progress, as new fires continue to char the area.

The State Assembly on Thursday passed a $2.5 billion emergency fire aid package, with an overwhelming bipartisan vote of 78-0.

A vehicle drives past a hillside engulfed in flames caused 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, quickly burning nearly 100 acres.

Cal Fire reported the Laguna Fire remains at 0% containment, while the Sepulveda Fire is 60% contained, as of 1 p.m. PT.

Video

CLICK HERE TO GET THE FOX NEWS APP

The fast-moving Hughes Fire, which broke out in Los Angeles and Ventura counties on Wednesday, is only 14% contained and has scorched more than 10,000 acres.

Alexandra Koch is a breaking news writer for Fox News Digital. Prior to joining Fox News, Alexandra covered breaking news, crime, religion, and the military in the southeast.

Share

Recent Posts

Large parts of Spain, Portugal struck by massive power outage

close Video Traffic lights out in Spain as massive power outage impacts country Traffic lights…

2 hours ago

Russia declares 3-day ceasefire in Ukraine for WWII Victory Day

close Video Trump 'steamed' over Russia continuing to attack Ukraine: Peter Doocy Fox News White…

2 hours ago

Menendez brothers demand Los Angeles DA recuse himself or be disqualified in resentencing case

close Video Defense accuses DA of re-traumatizing Menendez family with 'grisly' images Mark Geragos, the…

2 hours ago

Bronx car owner dragged in street during carjacking caught on camera

close Video NY man dragged through the Bronx by car thief A man attempting to…

2 hours ago

Trump’s border czar tells illegal immigrants they ‘cannot hide from ICE’ amid mass deportation agenda

President Donald Trump’s border czar, Tom Homan, issued a word of caution to illegal immigrants…

2 hours ago

SCOOP: Dept of Energy says it saved $700M in Trump’s first 100 days by cutting ‘wasteful’ programs

FIRST ON FOX: In President Donald Trump’s first 100 days, the Department of Energy says…

2 hours ago