Devastating California wildfires predicted to cost US economy $85 billion; Containment may take weeks

Monday, October 16, 2017 | Tag Cloud Tags: , , , , , , ,

breaking us news

(Worthy News) - Devastating fires charring California have claimed more lives than any fire in the state's history, and the economic toll is predicted to climb to $85 billion.

"These wildfires, especially in Northern California, are particularly devastating,” said Dr. Joel N. Myers, founder, president and chairman of AccuWeather.

“We estimate the California wildfires will profoundly affect the economy of California. The cost to contain and fight the fire and deal with the aftermath will be in the billions. And, the loss in tax revenue from businesses no longer around, including the vineyards; the workers who have lost their jobs and can no longer pay taxes as well as other impacts will be quite costly.

This will create a hole in the California budget, which may necessitate an increase in taxes. If California has to borrow more this might negatively impact its bond ratings and it will have to pay higher interest rates on all borrowings, which can cost upwards of 10s of billions of dollars. At this time, we estimate the economic impact of the fires is already approaching $70 billion dollars. Based on our forecast the total costs from this disaster on the economy would exceed $85 billion and, if the fires are not contained in the next couple of weeks, the total economic impact could even reach $100 billion.” [ Source: AccuWeather (Read More...) ]

Copyright 1999-2017 Worthy News. All rights reserved.
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

1 thought on “Devastating California wildfires predicted to cost US economy $85 billion; Containment may take weeks

  1. How many billions through the hurricanes in Texas and Florida? All these national tragedies will be directly and indirectly hurting the national economy.

Leave a Comment