Last week, a series of wildfires erupted in the Los Angeles area due to powerful winds and dry conditions, resulting in at least 27 deaths and the destruction of thousands of structures. The Palisades Fire and Eaton Fire were the most significant, with the latter covering over 23,000 acres and destroying or damaging thousands of structures. Additional fires also broke out in the LA area but were contained quickly. As of Thursday, the death toll had reached 27, with more deaths expected to be confirmed by the medical examiner’s office in the coming weeks. Nearly 200,000 people were under evacuation orders at one point, with an estimated $20 billion in insured losses and potential total economic losses of $50 billion. The cause of the fires has not been determined, but the combination of drought-like conditions and strong winds created ideal fire weather conditions. The oscillation between drought and heavy rainfall in recent years in California has exacerbated the risk of wildfires in the region. The impacts of the fires have left an unknown number of people homeless and destroyed entire neighborhoods. The insured losses from these fires could surpass those of the 2018 Camp Fire, previously the costliest blaze in the country’s history.
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