N. California Fires Kills 40, Damages Billions In Property

Investing.com - Fires have raged for more than a week in California, concentrated around the Napa, Sonoma and Mendocino counties.The deadly fires have claimed the lives of 40 people, the most in California history, while destroying 5,700 homes and structures, forcing the evacuation of approximately 100,000 people, and scorching more than 220,000 acres. More than 10,000 firefighters have been battling the blazes, including 880 fire engines and 14 helicopters. The fires are mostly in areas where agriculture is a major source of income, ranging from grapes and pears to olives and livestock. Many private farms and wineries have been severely hurt. Constellation Brands (NYSE:STZ), the biggest wine company in the US, also has a lot at stake. Marijuana crops, which by law cannot be insured, are going up in smoke, and the fires could also dent the region’s multi-billion dollar tourism industry. State Senator Mike McGuire tweeted that damage estimates top $3 billion. Dr. Joel Myers, president and chairman of AccuWeather had even more ominous estimates, saying that “based on our forecast the total costs from this disaster on the economy would exceed $85 billion and, if the fires are not contained in the next couple of weeks, the total economic impact could even reach $100 billion.