Economic losses from this month’s devastating Maui wildfires could range from $4 billion to $6 billion, the Moody’s RMS risk modeling service estimates, as disruptions to jobs and business activity combine with damage to thousands of properties.
(Bloomberg) — Economic losses from this month’s devastating Maui wildfires could range from $4 billion to $6 billion, the Moody’s RMS risk modeling service estimates, as disruptions to jobs and business activity combine with damage to thousands of properties.
The estimate covers the fire that destroyed seaside Lahaina, killing at least 115 people, and the one in Kula in Maui’s upcountry. Most of the losses, however, come from Lahaina, a popular tourist destination whose historic core — once the capital of the Hawaiian Kingdom — was reduced to ash.
Read More: Maui Fire Lawyers Eye Tactic That Got Californians $13.5 Billion
The figures do not include the broader potential impact on Maui’s gross domestic product as visitors cancel trips to the island.
An earlier, separate estimate from the University of Hawaii’s Pacific Disaster Center and Maui County put the cost of rebuilding Lahaina at $5.5 billion.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.