By George Glover
Out-of-control blazes were still raging in Los Angeles, with firefighters unable to contain one of southern California's worst natural disasters ever.
At least five people were dead early Thursday, with tens of thousands ordered to evacuate. More than 2,000 structures have been damaged, and more than 100,000 people were without power.
Late Wednesday, a new blaze dubbed the Sunset Fire broke out in the Runyon Canyon hiking trail near to the iconic Hollywood sign. Hollywood Boulevard, where the Walk of Fame is located, was among the sites evacuated.
Fires fueled by winds already have devastated the Pacific Palisades neighborhood in the northwest of Los Angeles, burning down the homes of acting A-listers including When Harry Met Sally star Billy Crystal.
Private forecaster AccuWeather estimated late Wednesday that the total damage and economic loss from the windstorm and wildfires was between $52 billion and $57 billion. "This is a terrible disaster. We're just starting to get a clear look at the magnitude of the destruction and loss," said the company's chief meteorologist, Jonathan Porter.
Electric utility company Southern California Edison had shut off power to about 136,000 customers late Wednesday, sending shares in its parent Edison International 10% lower.
More than 80 flights into or out of Los Angeles airport were delayed or canceled on Thursday, according to data from FlightAware. Extreme weather was causing even more disruption elsewhere in the southwest -- more than 1,000 flights into or out of Dallas-Fort Worth International airport were delayed or canceled, with winter storm warnings in place.
Movie studios owned by the publicly-listed Walt Disney, Comcast, and Warner Bros. Discovery all shut down their lots and offices in Burbank, and Comcast closed its Universal Studios Hollywood theme park on Wednesday. Paramount told employees to work from home if they can.
Insurance companies likely will be impacted by the disaster. J.P. Morgan analysts said the losses from the Pacific Palisades fire could hit $10 billion and pointed to Allstate, Travelers, and Chubb as the insurers most exposed to California.
Write to George Glover at george.glover@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
January 09, 2025 07:43 ET (12:43 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Comments