The disaster has claimed the lives of 10 people so far and it’s estimated 10,000 homes and buildings have been destroyed, resulting in potential rebuild costs that could reach $135bn (£110.3bn).
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Read MoreAnd one leading sports finance expert has warned that the rapid pace of climate change could result in the risks being even higher by 2028.
“This raises very serious questions, not least about insurance, and whether Los Angeles’ big-ticket 2028 attraction might be about to become an uninsurable mega-event.”
The Japanese Games cost insurance companies in the United States as much as $2bn while spiralling costs led to the Paris 2024 Organising Committee for the Olympic and Paralympic Games (OCOG) failing to obtain cancellation cover for last year’s event.
The fees paid in the Covid-hit Olympic cycle between 2017 and 2021, meanwhile, were 35 per cent higher than those recorded over the previous four-year period.
Map of the Los Angeles wildfires (Photo: Getty)Now as a result of the wildfires, he says, they’re likely to be “off the charts”.
“Now climate change and unpredictable weather patterns are at the absolute top of that list.
“The majority won’t view the risk as one worth taking.”
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Read MoreA report issued by JP Morgan on Wednesday claimed that the insured losses resulting from the Palisades fire alone were likely to hit $10bn.
“Organising committees will have factored these events into their planning but you’re very much working on a contingency basis – how much do you reasonably budget for this and how cautious or not cautious are you going to be?” said Dan Plumley, sports finance expert at Sheffield Hallam University.
As Los Angeles takes stock, there will doubtless be those who question whether hosting the 2028 Games is any kind of priority following the events of the past week.
“Whether the city and the United States government has the stomach for what’s needed remains to be seen.”
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