The Economic Impact of Wildfires: A Comprehensive Research Study

Wildfires have become increasingly destructive in the face of climate change and rising temperatures. While it poses a major threat to lives, properties, and wildlife, it also significantly impacts the economy. 

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To better understand the economic impact of wildfires, we decided to take a deep dive into it. Our latest research paper underscores the escalating economic effects of wildfires and emphasizes the immediate need for effective policies and proactive measures to mitigate their severe consequences.

Here are some of the key findings from the study:

• Fire suppression spending per hectare surged from $800 in 2012 to a peak of $1400 in 2021. Projections indicate a 5-year rolling average of $1161 and $1337 for 2030.
  
  

• During 2000-2013, 31% of the 13,035 destroyed buildings were restored, primarily in California.
  
  

• Notable instances of damage to human lives include 104 deaths in 2018, 194 injuries in 2022, and 650,000 medical assistance cases in 2007.

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Download this paper to understand the economic impact in detail and learn how stakeholders can leverage this paper to develop strategies that minimize the impact of wildfires on both the environment and the economy.