Climate change, Covid-19 stoke wildfire's economic risk, US Fed says

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SAN FRANCISCO (REUTERS) - Wildfires threaten the economy of the western United States to a greater extent than the rest of the country, and the coronavirus pandemic and climate change will only make that worse, according to research from the San Francisco Fed on Monday (July 13).. Read more at straitstimes.com.

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SAN FRANCISCO - Wildfires threaten the economy of the western United States to a greater extent than the rest of the country, and the coronavirus pandemic and climate change will only make that worse, according to research from the San Francisco Fed on Monday .

A total of 52 per cent of economic output in Arizona, California, Idaho, Nevada, Oregon, Utah and Washington originates in counties with elevated wildfire hazard, putting the economies of the region in jeopardy as wildfires become more frequent and more destructive, the researchers found.By comparison, about 25 to 30 per cent of the South-east's economy faces elevated wildfire risk."The portion of real output produced in with elevated exposure increases from US$2.

The economic output under particular wildfire threat rises to US$4.4 trillion under a more severe climate change scenario, they said. Wildfire risk is a combination of the likelihood of a big fire happening - which climate scientists have shown has been rising as the planet warms - and the economic destruction, in terms of lives and livelihoods destroyed that it could cause.

The coronavirus pandemic is increasing the latter risk because the fiscal pinch to states and local governments from the drop in sales tax and other revenue means cuts to wildfire suppression and prevention spending, the researchers said.

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