As rain finally wipes out devastating wildfires in Southern California, Chief Meteorologist Jon Porter reveals AccuWeather's estimate of the total damage and economic loss to be $250 billion to $275 billion.

Los Angeles

More than a thousand structures have been destroyed and lives lost as wildfires sweep across parts of Los Angeles.

LA Wildfires

AccuWeather has reported an estimate of $250 to $275 billion in total damage and economic loss resulting from recent wildfires in Southern California, an amount representing approximately 7% of California’s gross domestic product. The wildfires, characterized by fast and wind-driven spread, have significantly affected many lives and altered landscapes, leading to this massive economic impact. In comparison to other natural disasters, such as Hurricane Helene and the Maui fires, the financial implications of these wildfires are notably higher. While other organizations have projected lower damage estimates—such as $20 to $40 billion by entities like Moody's and Goldman Sachs—AccuWeather argues that these figures fail to account for long-term effects such as job losses, potential business closures, health impacts due to pollution, and wider economic repercussions. The report emphasizes the expectation of adverse health outcomes in the years following the fires due to harmful exposure to pollutants released during the wildfires.



AccuWeather estimates up to $275B in damage from LA wildfires

When you and I spoke with Ken yesterday, and we were talking about this, it was such a telling statement Ken making that everything is now over with that fire danger and the fires that actually have been burned, but boy, the damage has been substantial. It's been staggering, and we're talking about people's lives that have been changed forever in the matter of a couple of minutes with these fast-moving and wind-driven infernos. AccuWeather estimates $250 to $275 billion in total damage and economic loss. To put that number into perspective, that $275 billion, that would be 7% of the gross domestic product of California. So you could see the big impact to the economy that such a large number can have. You know, when you look at other disasters, the one disaster that compares to at least the number there is Hurricane Helene, which occurred late last year. It does. It shows that it's on the same sort of order of magnitude, a little bit higher in total damage and economic loss. You can see the Maui fires, $13 to $16 billion, so far less, obviously, great impact in Hawaii, but from a total economic loss and damage perspective, far less. And then almost the amount for the entire U.S. wildfire season, a very active year from 2018, in just a couple of weeks with those fires occurring in a densely populated area. You know, John, there's a lot of other organizations also putting out numbers, but we think that our number is likely, is more accurate given when you take everything into account. But I did want to show you some other sources, John. Yeah, here's some other numbers that are out there. And you notice that the estimates from Moody's, $20 to $30 billion, JPMorgan, $20 billion, $40 billion from Goldman Sachs as an example. But notice the summary of these. Most of these include just insured damages, direct impacts from the fires. They don't consider the holistic approach that AccuWeather does, and these numbers grossly underestimate the long-term damage to the economy and the financial challenges that people, businesses, communities are going to face. In many cases, these are underestimated and or they're not inclusive of all those factors. They're just the direct impacts in a lot of cases. And that really does not show the more holistic picture that only AccuWeather provides. And also, our number also includes long-term effects, correct, John? That's a big factor here, because think about this. Not only long-term effects on tourism, but job losses. Some businesses may fail. And also the long-term health impacts. Consider the 18 million people live within the Los Angeles metro area. Many people were exposed to dangerous pollution in the air, not only from the wildfire smoke, but asbestos and other dangerous materials that were in the burned buildings. All that was lofted into the air. So just like a hurricane, we're unfortunately expecting to see hundreds, perhaps thousands, of excess deaths and serious illness in the years and even decade following the fires because of all that pollution. So the long-term health impacts and long-term impacts to the economy are very substantial and why that number is the most holistic view of just how challenging it's going to be for people in California. AccuWeather Chief Meteorologist Jonathan Porter. John, thanks for breaking it down and explaining it to our viewers.

Brazil's Supreme Court on Tuesday (November 25) ordered former President Jair Bolsonaro to begin a prison sentence of more than 27 years for plotting a coup in 2022, according to a court document.

Brasília

Brazil's Bolsonaro to start 27-year prison sentence for coup plot

President Trump says only a few "points of disagreement" remain on a possible deal to end the war between Russia and Ukraine. The president says he will meet with the leaders of both countries only when the deal is in its final stages.

Washington

Trump optimistic on Russia-Ukraine peace deal despite recent strikes

The FBI has launched an inquiry into six Democratic lawmakers after President Trump accused them of “seditious behavior” for appearing in a video encouraging U.S. service members to refuse unlawful orders.

FBI probes Democrats over video urging troops to refuse illegal orders

President Donald Trump's administration has ramped up pressure on Venezuelan President Nicolás Maduro by designating the Cartel de los Soles as a foreign terrorist organization. But the entity that the U.S. government alleges is led by Maduro is not a cartel per se.

Caracas

U.S. labels Maduro-tied Cartel de los Soles as terror organization

The head of Sudan's Rapid Support Forces (RSF), General Mohamed Hamdan Dagalo, said late on Monday (November 24) that his paramilitaries would immediately enter into a three-month humanitarian truce in its conflict with the country's armed forces.

Khartoum

Sudan's RSF paramilitary says it will enter into ceasefire

A U.S. official tells CBS News that Ukraine has agreed to a peace proposal brokered by the Trump administration, but some details still need to be sorted out. CBS News' Holly Williams reports.

Kyiv

Ukraine Invasion

Ukraine agrees to peace proposal with Russia, U.S. official says

The Gaza Humanitarian Foundation, the U.S.- and Israeli-backed organization to distribute aid in Gaza, said on Monday (November 24) it was ending its operations after months of criticism over the deaths of hundreds of Palestinians trying to reach GHF hubs.

Tel Aviv-Yafo

Divisive U.S.- and Israeli-backed Gaza aid group ends operations

Darfur

Sudan's RSF paramilitary says it will enter into a ceasefire

Chauncey Billups, who was serving as head coach of the Portland Trail Blazers until his suspension, pleaded not guilty on Monday to charges related to alleged rigged high-stakes poker games.

Chauncey Billups pleads not guilty to charges

The Kremlin on Monday (November 24) said that a European counter-proposal to a U.S. 28-point peace plan for Ukraine was not constructive and that it simply did not work for Moscow.

Moscow

Kremlin rejects revised European peace plan to end war in Ukraine

A federal judge has dismissed the criminal cases against former FBI Director James Comey and New York Attorney General Letitia James on the grounds that Lindsey Halligan, the interim U.S. attorney who secured their indictments, was unlawfully appointed to the role.

Cases against James Comey, Letitia James dismissed

At least 90 people have died in a week of torrential rain, flooding and landslides in south-central Vietnam, authorities said. Popular tourist areas have been heavily hit, with parts of Nha Trang submerged and deadly landslides cutting off roads near Da Lat.

Nha Trang

Vietnam flooding kills at least 90

The Trump Administration is ramping up pressure on Venezuela as the Air Force conducted a simulated nighttime attack along the country's coast. Charlie D'Agata has the latest.

Trump ramps up pressure on Venezuela with nighttime Air Force attack

Israel killed Ali Tabtabai, the acting chief of staff of militant group Hezbollah, in an airstrike on a southern suburb of Beirut on Sunday, the Israeli military said.

Beirut

Middle East Conflict

Israel kills Hezbollah military leader in Beirut strike

While Russia and Ukraine continue to exchange daily drone fire, an updated peace framework is being worked out in Geneva between Ukraine, the US and European partners.

Ukraine upholds red lines as Geneva peace talks continue

Álvaro García Ortiz's decision came less than a week after he received a two-year suspension and a fine for disclosing private information about the partner of an opposition politician.

Madrid

Spain's attorney general resigns after conviction over data leak

U.S. President Donald Trump's Department of Government Efficiency has been disbanded with eight months remaining in its mandate, and Office of Personnel Management Director Scott Kupor has told Reuters that the cost-cutting body now "doesn't exist".

DOGE 'doesn't exist' with eight months left on its charter

Al-Burhan rejected a new truce proposal from US envoy as the “worst yet”, accusing the Quad mediators of bias due to the UAE’s involvement.

Al Fashir

Sudan’s army chief rejects quad truce proposal as ‘worst yet’

Three suicide bombers and three security personnel killed in attack on the Federal Constabulary headquarters in Peshawar, media reports say.

Peshawar

Six killed in suicide attack on security complex in Pakistan

The attack which Israel says to have killed chief of staff Haytham Tabtabai in the southern suburbs of Beirut also killed four other people and injured 25.

Israel says to have killed top Hezbollah official in strike on Beirut

UK Prime Minister Keir Starmer suggested that former Prince Andrew should testify before the U.S. Congress as part of its ongoing investigation into Jeffrey Epstein. Starmer did not discuss Andrew’s case directly but said, as a matter of principle, everyone involved should cooperate with the inquiry.

London

Starmer says former Prince Andrew should testify in Epstein probe

About 50 schoolchildren aged 10–18 who were abducted in Niger state, Nigeria, have escaped, authorities confirmed. They fled individually between Friday and Saturday, according to the Christian Association of Nigeria, which runs the school. Officials continue to track those still missing.

Niger

50 abducted Nigerian schoolchildren escape, authorities say

The first G20 summit to be held in Africa has been labelled a "triumph of multilateralism," as leaders from the world's more powerful economies came together in Johannesburg. South African leader Cyril Ramaphosa used his presidency to highlight the priorities of Africa and the global south.

Johannesburg

G20 shared goals 'outweigh differences' as summit ends

After running a day overtime, delegates at COP30, the United Nations climate summit in Belém, Brazil, finally reached a deal on a final agreement, but one that falls well short of the high expectations held by many delegates, environmental groups and NGOs.

Belém

COP30 climate deal falls short of expectations

Washington signaled room for negotiation on a 28-point plan to end the Ukraine war, denying claims by some U.S. senators that it is a Russian "wish list," as Kyiv and European allies criticized the proposal ahead of Sunday talks in Geneva.

Geneva

Europeans push for stronger deal for Ukraine as Geneva talks continue

The United States is set to launch a new phase of Venezuela-related operations in the coming days, four U.S. officials told Reuters, as the Trump administration steps up pressure on President Nicolas Maduro's government.

U.S. to launch new phase of Venezuela operations, sources say

Premier Li Qiang said Beijing wants to work with Pretoria to safeguard the multilateral trading system.

China pledges to work more closely with South Africa

Brazil's COP30 presidency pushed through a compromise climate deal that would boost finance for poor nations coping with global warming but that omitted any mention of the fossil fuels driving it.

UN climate talks end with no binding deal on fossil fuels

U.S. Rep. Marjorie Taylor Greene of Georgia, a once-loyal supporter of Donald Trump who has since become a critic of the president, said she is resigning from Congress in January. Greene's resignation followed a public fallout with Trump over the Epstein files.

Trump loyalist-turned-critic Marjorie Taylor Greene resigns

The Coast Guard said it conducted its largest cocaine seizure in history worth an estimated $362 million. Take an inside look as officials offload the nearly 50,000 pounds of drugs.

See The Full Story

LA Wildfires