California Wildfires Cause Billions in Damage

Severe wildfires in Southern California are projected to cause economic losses between $52 billion and $57 billion, as reported by AccuWeather. The Palisades Fire, the largest among at least five active fires, has destroyed over 1,000 buildings and remains zero percent contained, raising concerns it may become the worst wildfire in California's history. High winds and dry conditions have exacerbated the situation, prompting evacuation orders for over 100,000 residents and significant risks to life and property in areas with median home values exceeding $2 million. Many affected homeowners, particularly in Pacific Palisades, are facing challenges in insurance coverage due to policy cancellations. Additionally, Southern California Edison has begun power shutoffs for safety, impacting nearly 120,000 customers, while the utility's stock has taken a hit in the market. The ongoing devastation suggests a long recovery ahead for the affected communities.