FYI: From the relative safety of where I write this, I can recall the damage from superstorm Sandy that crippled the Northeast six years ago, and from which many in the area have yet to recover. Yet that pales next to the wildfires that have engulfed California, which follows this year’s crop of hurricanes in the East. The toll isn’t only human, either; our foster dog rescued after Hurricane Florence just left for her permanent home on Thursday.
Even though it might be unseemly to consider the economic costs while the wildfires are still burning in California and the fatalities are still climbing, they can’t be ignored. A price is already being exacted in the declines in the prices of securities of the entities affected. There will also be costs for insurers and property owners, as well as for state and local government budgets. Finally, there is an as-yet incalculable hit to property values, not just from the current damage, but also the concerns of potential buyers who may be reluctant to bear the environmental risk that has become increasingly apparent.
Regards,
Ted
https://www.barrons.com/articles/the-california-wildfires-financial-toll-1542391568?mod=hp_LEAD_3
