Hawaii Wildfires: Moody's Estimates $6 Billion Economic Loss

The catastrophic wildfires in Maui, Hawaii, have caused between $4 billion and $6 billion in economic losses, according to an estimate by Moody's RMS. The true cost is likely higher, as the estimate does not include the fires' impact on Hawaii's GDP, government spending, or the social cost. Rebuilding will be costly due to inflation and the remote location of the island. The wildfires, the worst in Hawaii's history, have resulted in numerous deaths and destroyed thousands of structures. Insurance is expected to cover most of the damage, and President Biden has pledged federal assistance for recovery efforts. The cause of the wildfires is still under investigation.