Wildfires are raging across the Los Angeles area, bringing crushing devastation as they demolish homes in their paths. In addition to loss of life and the emotional impact, these fires are bringing a clearly massive financial cost with them. Early estimates put the cost close to $50 billion, which would make this one of the costliest natural disasters in American history.
These fires come just three months after Hurricane Helene wreaked havoc on much of the East Coast, causing an estimated $78.7 billion in damage and becoming the seventh most expensive natural disaster in the U.S. Hurricanes have historically been the most expensive natural disasters in U.S. history, with cyclonic storms making up the first nine in our list. Storm surge (damage from which is not covered by homeowner’s insurance and may require flood insurance) is the main source of hurricanes' damage.
