SoCal wildfires caused billions in damage, economic impact will be felt for years, study finds

A new study finds that the economic impact from the Palisades and Eaton fires, which destroyed thousands of structures in Pacific Palisades and Altadena, will be felt for years.

"Job #1 is to help people rebuild and get back to their new home," said former California Gov. Gray Davis.

Davis, along with Los Angeles County Supervisor Kathryn Barger and Stephen Cheung with the L.A. County Economic Development Corporation, talked about the new study that outlines just how much the fires caused to business and homes in financial figures.

According to the new study put out by the L.A. County Economic Development Corporation, property damage caused by the two wildfires is between $28 billion and just under $54 billion. The study also says the county economy will lose close to $9 billion over the next 5 years.

"I am laser-focused on streamlining our county's rebuilding process and fast tracking the redevelopment of infrastructure and houses," said L.A. County Supervisor Kathryn Barger.

According to the study, the quicker the fire burn areas are rebuilt, the quicker the economy will rebound.

Debbie Collins is one of the survivors of the Eaton Fire. She reopened her print shop three weeks ago. Most of the businesses around her were destroyed.

"All I can do is keep trying. You know, I'll see if I can pull it off. Word is spreading and people know that I'm here. .. but a lot of these jobs aren't big jobs... all I can do is keep trying," Collins said.