US EditionUS wildfires cost up to $893 billion annually with major hit to real estate value, congressional report shows
- Climate change-fueled wildfires in the US have an annual economic cost of $394 billion to $893 billion, more than double previous estimates. The Joint Economic Committee report considered various costs beyond immediate damage, including real estate value, health risks from smoke, threats to watersheds, and income loss.
- Real estate value is the largest portion of the total cost, with estimates ranging from $67.5 billion to $337.5 billion a year. The impacts of wildfires on drinking water were also considered, with concerns about contamination and potential water shortages.
- The insurance crisis resulting from wildfires is impacting homeowners, with skyrocketing prices, insurers refusing policies, and higher premiums affecting affordability and home prices. The economic implications of wildfires and real estate are still unfolding, with uncertainty about the ultimate costs.
3 Articles
3 Articles
US wildfires cost up to $893 billion annually with major hit to real estate value, congressional report shows
By Ella Nilsen, CNN (CNN) — Climate change-fueled wildfires are costing the US economy between $394 billion to $893 billion annually, a new congressional report suggests – a shocking figure that is more than double what previous government reports have estimated. The new report from the Joint Economic Committee, chaired by Democratic Sen. Martin Heinrich of New Mexico, examined a wide range of costs beyond immediate wildfire damage, including i…
US wildfires cost up to $893 billion annually with major hit to real estate value, congressional report shows
By Ella Nilsen, CNN (CNN) — Climate change-fueled wildfires are costing the US economy between $394 billion to $893 billion annually, a new congressional report suggests – a shocking figure that is more than double what previous government reports have estimated. The new report from the Joint Economic Committee, chaired by Democratic Sen. Martin Heinrich of New Mexico, examined a wide range of costs beyond immediate wildfire damage, including i…
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