America’s fires.. Abu Bakr Al-Deeb, advisor to the Arab Center for Studies and researcher in international relations and political economy, estimated the cost of rebuilding what was destroyed by fires in the United States of America, especially Los Angeles.
Insurance company shares declined and some of them went bankrupt
Abu Bakr Al-Deeb said that rebuilding Los Angeles after the joint American fires requires more than $500 billion, stressing that the American forest fires threaten the stability of the $10 trillion residential real estate market in California and expose many insurance companies to bankruptcy.
The advisor to the Arab Center for Studies and researcher in international and economic relations explained that insurance companies’ shares declined significantly due to their inability to compensate the owners of thousands of destroyed buildings after the fires in Southern California increased significantly, driven by warmer oceans, intense drought, and strong winds, expecting strong “Santa Ana” winds to blow in the coming few days.
12,000 buildings destroyed.. and $150 billion in initial losses
He pointed out that the American fires have destroyed more than 12,000 buildings so far, estimated at millions of dollars. According to an initial estimate by AccuWeather, the damage and economic losses so far have reached between $135 billion and $150 billion. However, reconstruction will require a lot amid the failure of the American firefighting system to deal with the fires in Los Angeles, California.
Climate issues and global warming threats
Abu Bakr Al-Deeb expected that the American fires would change the viewpoint and policy of US President-elect Donald Trump on climate issues and the threats of climate change and global warming.
