According to a new report by Joint Economic Committee Democrats, the annual cost of wildfires to the US economy ranges from $394 billion to $893 billion. The report reveals that the biggest economic impact comes from the loss of real estate value, which amounted to $337.5 billion in the past year. This loss exacerbates the housing supply shortage and makes it more challenging for aspiring homeowners. Another significant cost is the mitigation of wildfire smoke, which amounts to $202.5 billion annually. The report also highlights the downstream effects of wildfires, such as income loss due to destroyed homes or workplaces, estimated at $147.5 billion per year.
The Economic Impact Is Enormous
The total cost of wildfires on the US economy surpasses the budgets of several government departments. While the US government spends around $866 billion per year on income security and $766 billion on national defense, the cost of wildfires ranges from $394 billion to $893 billion annually. Even the budget allocated for education and social services, which is $677 billion, falls short of the economic impact of wildfires. On the higher end, the cost of wildfires nearly
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
