by Don Lee at Los Angeles Times
The destruction caused by the Los Angeles-area wildfires, possibly the worst ever in California, is almost certain to rank as one of the most costly natural disasters in U.S. history, with the total economic toll well into the tens of billions of dollars.
One preliminary estimate calculated by AccuWeather, the weather forecasting service, put the damage and total economic loss at $52 billion to $57 billion — a sum that could rise if the fires continue to spread.
J.P. Morgan on Thursday doubled its expectations of economic losses from a day earlier, saying they would be closer to $50 billion.
Five fires have already scorched thousands of acres in and around Los Angeles, forcing at least 130,000 people to be evacuated and damaging or destroying about 2,000 buildings. Five people have died.
While it may be days before the full extent of the cost is known,…
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