California Storm Losses Estimated at More than $30 Billion

The flooding rains and heavy snows that killed at least 19 people in California have likely caused more than $30 billion in damages and economic losses.

Source: Bloomberg | Published on January 17, 2023

California flooding

According to AccuWeather Inc., the flooding rains and heavy snows that killed at least 19 people in California have likely caused more than $30 billion in damages and economic losses.

The Pacific storms, known as atmospheric rivers, are estimated to have caused $31 billion to $34 billion in economic impacts due to major flooding, widespread power outages, landslides, fallen trees, and road closures.

“A significant portion of the damage to homes and businesses was caused by mudslides and landslides, as well as water damage from the severe flooding,” Accuweather said.

The losses are more than triple those from December blizzards in Buffalo, New York, though less than the $180 billion to $210 billion caused by Hurricane Ian when it struck Florida last year. Accuweather predicts that damage costs will rise further as more storms pass through California.

“Additional damage and economic impact are expected as the parade of storms continues to affect parts of California through January 18,” the company said.

Accuweather’s calculations are based on the storm’s direct and indirect effects, such as property damage, job and wage losses, crop losses, evacuation costs, and airline delays, lost business, and supply-chain disruptions. Both insured and uninsured losses are included in the total.