The Economic Toll of The Los Angeles Wildfires
Patrick Boyle On Finance
Patrick Boyle
4.9 • 308 Ratings
🗓️ 19 January 2025
⏱️ 20 minutes
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Summary
The Los Angeles wildfires have destroyed more than 12,000 structures and at least 24 people have died with more unaccounted for as multiple wildfires, fueled by severe drought conditions and strong winds, continue to burn. Wells Fargo and Goldman Sachs estimate that the destruction will cost insurers as much as $30 billion dollars and after accounting for non-insured damages, the total costs will balloon to $40 billion. The ongoing fires, already appear to be the costliest wildfire event in California history. Patrick's Books: Statistics For The Trading Floor: https://amzn.to/3eerLA0 Derivatives For The Trading Floor: https://amzn.to/3cjsyPF Corporate Finance: https://amzn.to/3fn3rvC Ways To Support The Channel Patreon: https://www.patreon.com/PatrickBoyleOnFinance Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle Visit our website: https://www.onfinance.org Follow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.social Business Inquiries ➡️ sponsors@onfinance.org
Transcript
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| 0:23.3 | On January 2nd, the National Interagency Fire Centre warned that there was significant fire potential |
| 0:30.1 | across Southern California due to warm weather, persistently dry conditions and Santa Ana winds |
| 0:36.7 | in what is usually the region's wet season. |
| 0:40.3 | Santa Ana winds, which are sometimes called the Devil Winds, are linked to some of the worst |
| 0:46.1 | wildfires in California history. They blow from the Great Basin and the Upper Mojavee Desert |
| 0:52.2 | towards the coast, which is the opposite direction of the |
| 0:56.0 | normal winds, which carry moist air from the Pacific into the region. These dry desert winds dry |
| 1:03.5 | out plants and vegetation, making them more flammable, and the high wind speeds can feed |
| 1:09.4 | small fires, turning them into a rapidly spreading |
| 1:12.5 | blaze. Most of the damage has been done by the two largest fires, the Palisades Fire and the |
| 1:19.6 | Eaton Fire, which are likely the second and fourth most destructive fires in California's history. |
| 1:26.3 | They've killed at least 27 people, forced over 200,000 |
| 1:30.7 | to evacuate and destroyed or damaged more than 12,000 structures. More than 80,000 people are still |
| 1:38.2 | under evacuation orders and many don't know what, if anything, is left of their homes or possessions. |
| 1:45.0 | It's difficult to visualize the scale of the disaster. |
| 1:49.0 | The area burned is equivalent to three times the size of Manhattan. |
| 1:54.0 | Block after block of houses have been burned to the ground, leaving the city, |
| 1:59.0 | which had been struggling with multiple social and economic |
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