Climate Adaptation
California’s Boom Collapses as Fires Add $1.1 Billion Toll
- Climate change threatens state’s economic growth and vibrancy
- ‘One-two punch’ of blazes, virus seen deepening unemployment
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The wildfires, power outages and extreme weather that have ravaged California are setting the stage for a deepening economic crisis for an engine of U.S. growth.
Blazes that scorched 4.1 million acres, more than the past three years combined, have cost a record $1.1 billion to battle. S&P Global Ratings is warning that a new fund to help utilities cover liabilities may fall short. California’s finances are already battered, with the coronavirus pandemic busting a $54 billion hole in the budget and hope fading for federal stimulus anytime soon.