Los Angeles $1.29 Trillion GDP At Risk
According to the St Louis Federal Reserve. Los Angeles had a GDP of $1.295 trillion last year. As wildfires rage through the city, some are not only at risk–it is gone. This is a sign of what climate catastrophes do to the financial health of the places where they do their damage.
The level of damage from the LA area wildfires is expected to be over $150 billion. This should not be confused with the GDP number, but putting the two numbers side by side is instructive.. The $150 billion is from AccuWeather and includes the effects of lost future business opportunity. The AccuWeather figure also covers areas in and around Los Angeles.
There will not be a final number for the damage. Estimates will undoubtedly be inaccurate. As many as 10,000 homes have been destroyed or damaged. Hundreds of businesses have been destroyed and some will not reopen. There will be collateral damage to large amounts of infrastructure.
Hawaii Damage
Most of the town of Lahaina on Maui’s northwest coast which was burned to the ground in August 2023 has not been rebuilt. Most of the areas damaged in LA are prosperous and will likely be partially repaired in a few months.
The Los Angeles GDP is larger than Florida’s. Coincidentally, no state has been hit harder by the climate than Florida which has been battered by Hurricanes Helene and Milton. In each case, GDP has been destroyed and cannot be replaced and, in some cases, will not be in the future.
More from ClimateCrisis 247
- Washington, Pittsburgh, Nashville, Vermont Have Their Hottest Year
- Global EV Sales Soar 25%, Big Deal For The Industry
- Cloud Seeding Won’t Help Los Angeles
- One Of America’s Richest Companies Walks Away From Climate Change
