Estimates of the total economic loss from the firestorm have been estimated to surpass $250 billion — with real estate losses from the Palisades and Eaton fires predicted to potentially top $30 billion, according to a Los Angeles Times analysis. More than 16,200 structures were destroyed as flames ripped through Pacific Palisades, Malibu, Pasadena and Altadena.
Newsom vowed that the funding would be used to rebuild homes, infrastructure, businesses, schools, churches and health care facilities, while supporting the needs of people affected by the devastation.
“Make no mistake, Los Angeles will use this money wisely,” Newsom wrote.