It Will Cost $8.6 Billion To Rebuild Homes Destroyed In CA Fires

BEVERLY HILLS, CA – The Camp and Woolsey fires raging through California have killed 66 people, destroyed hundreds of homes and forced the evacuations of hundreds of thousands of people.

Firefighters are working on putting out the fires – the Camp Fire was at 45 percent containment and the Woolsey Fire was at 69 percent containment as of Friday morning – but the story is far from over. Once the flames are extinguished, the process of rebuilding will begin, and it will be expensive.

Data analysis by CoreLogic shows 23,044 homes are at "high or extreme risk" of wildfire damage within the perimeters of the Camp and Woolsey fires in California as of Nov. 15., and the total reconstruction cost value is approximately $8.6 billion.

CoreLogic's data tables break down the risk and corresponding total reconstruction cost value (RCV) for structures within the wildfire perimeters, as well as within one mile of the perimeters, that are affected by the Camp and Woolsey fires individually.

"RCVs represent the cost to completely rebuild a property in the worst-case scenario of total destruction of the structure, including labor and materials by geographic location," the analysis says. "While other hazards may cause partial destruction but rarely eliminate an entire property, wildfire events are more likely to cause total loss to structures affected."

View a breakdown of each fire below:

Camp Fire

According to the data, there are 16,344 structures at high or extreme risk within the Camp Fire perimeter, with a total reconstruction cost value of more than $3.9 billion.

Within a mile of the fire's perimeter, there are a total of 3,473 structures at high or extreme risk with a total reconstruction cost value of more than $725 million.

In all, there are 19,817 structures at high or extreme risk in and within one mile of the Camp Fire perimeter, adding up to a total cost of more than $4.66 billion if all the structures were destroyed and rebuilt, according to the data.

Woolsey Fire

According to the data, there are 6,700 structures at high or extreme risk within the Woolsey Fire perimeter, with a total reconstruction cost value of more than $4.66 billion.

Within a mile of the fire's perimeter, there are a total of 7,749 structures at high or extreme risk with a total reconstruction cost value of more than $4.18 billion.

In all, there are 14,449 structures at high or extreme risk in and within one mile of the Woolsey Fire perimeter, adding up to a total cost of more than $8.84 billion if all the structures were destroyed and rebuilt, according to the data.

To read more about CoreLogic's analysis, visit their website.

CoreLogic's Methodology:

"The CoreLogic Wildfire Risk Score is a deterministic wildfire model which is as comprehensive as it is granular. It covers 15 states: Alaska, Arizona, California, Colorado, Florida, Idaho, Montana, Nevada, New Mexico, Oklahoma, Oregon, Texas, Utah, Washington and Wyoming. It evaluates the risk of a property to wildfire by returning an easy-to-understand, normalized 5 to 100 score, giving insight into the potential risk of a wildfire. It considers slope, aspect, vegetation/fuel, and surface composition as well as proximity to higher risk areas that could affect the property via windblown embers. These factors are all weighted differently and combine to form the score."

PHOTO: Smoke hangs over the scorched remains of Old Town Plaza following the wildfire in Paradise, Calif., on Thursday, Nov. 15, 2018. The shopping center housed a Safeway and other businesses. (AP Photo/Noah Berger)