Los Angeles agency shares staggering economic impact of deadly wildfires

The Los Angeles wildfires have caused tens of billions of dollars in property damage and lost wages, as infernos continue to scorch the Golden State.

The L.A. Area Chamber of Commerce on Thursday announced it received preliminary estimates from the Los Angeles Economic Development Corporation (LAEDC) on the assessment of the devastation caused by the wildfires. 

The flames caused approximately $53.8 billion in property damage based on market value, and approximately $28 billion in property damage based on recorded value, according to the LAEDC.

Potentially lost taxes will account for nearly $466 million, according to the assessment.

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With more than 15,000 jobs impacted, the corporation estimates $1.2 billion in lost wages. 

It also estimates nearly 2,000 companies were impacted by the fires. This brings the total economic loss to an estimated $2.9 billion. 

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Estimates from the LAEDC were based on the L.A. County fire map and existing county records data for both the Palisades and Eaton areas. 

Further assessments are in progress, as new fires continue to char the area.

The State Assembly on Thursday passed a $2.5 billion emergency fire aid package, with an overwhelming bipartisan vote of 78-0.

The Laguna and Sepulveda fires broke out in Ventura and Los Angeles counties on Thursday, quickly burning nearly 100 acres.

Cal Fire reported the Laguna Fire remains at 0% containment, while the Sepulveda Fire is 60% contained, as of 1 p.m. PT.

The fast-moving Hughes Fire, which broke out in Los Angeles and Ventura counties on Wednesday, is only 14% contained and has scorched more than 10,000 acres.