With deadly blazes sweeping across Brazil and Greece braced for high-risk weather, wildfire season is in full swing. Wildfires not only pose a serious threat to human and animal life but also wreak devastating damage on homes, landscapes and livelihoods. And the economic cost for affected countries and individuals has proven enormous.
How much do they cost? Wildfires cost Europe $4.5 billion in damages last year, reported Bloomberg, but when you include the long-term impacts, those costs spiral. The wildfires that raged across Sicily in 2023 caused more than $66 million of direct damage, said The Guardian. But "damage to agriculture caused by fires and the intense heatwave amounted to about $222 million." The U.S. Senate Joint Economic Committee released a report last year suggesting "climate-change-fueled wildfires" cost the U.S. economy up to $893 billion each year, said CNN.
Costs to homeowners Beyond the direct costs of rebuilding damaged homes and businesses, wildfires also impact residents in less obvious ways. In California, home insurance premiums have rocketed, said the San Francisco Chronicle, "making an already expensive state even less affordable." Plus, homeowners who have had to "take on a higher insurance premium may have a tougher time selling their home," said CNN.
Health costs As fires "become more frequent, that smoke is leading to a public health crisis," said Fast Company. Wildlife smoke "likely contributed to more than 52,000 premature deaths" in California from 2008 to 2018, according to a study published in the Science Advances journal. Those deaths had an "economic impact" of more than $430 billion.
Wildfire damage has also impacted drinking water. In 2022, a wildfire in northern New Mexico left behind "sludgy ash and charred soil" that contaminated the region's Gallinas River, "threatening the drinking water supply for the city of Las Vegas," said CNN. "You realize how expensive clean water really is and how infrastructure dependent it is," Senator Martin Heinrich, the chair of the U.S. Senate Joint Economic Committee, said to CNN. |