The devastating Los Angeles wildfires are the latest in a string of extreme events pushing the financial impact of natural disasters to the forefront. More than 55,000 acres have been burned and 16,000-plus structures destroyed in the recent fires in Eaton, Palisades, Hughes, Hurst, and other areas, according to the California Department of Forestry and Fire Protection.
According to Morningstar DBRS, the Los Angeles–area wildfires have caused record property damage, with insured losses that could reach more than $30 billion. Despite many uncertainties on the path ahead for recovery and rebuilding of property and infrastructure, solutions are likely to require a lot of time and capital, as well as public and private stakeholders working in tandem.
Urban Land: In your view, what are some of the biggest potential economic impacts of the recent L.A. fires across different areas, such as insurance, construction costs, affordable housing, commercial real estate finance, and public policy?
Continue reading at URBANLAND
