Recent wildfires in the Texas panhandle have burned well over a million acres, causing tragic loss of life and devastating local communities. In addition, the fires have destroyed livestock and grazing land in this region which is crucial to the US beef industry.
Although the high human cost and devastation are the primary concerns, the fires also involve very large economic harms. The Perryman Group estimated the losses associated with the agricultural sector based on the acreage burned, farm and ranch land in the affected counties, and typical reductions in the level of output caused by fires.
These preliminary estimates are for the current year only, as there will be ongoing losses going forward as the land recovers. In addition, significant numbers of homes, barns, businesses, and other buildings have been destroyed which will lead to further damages and related economic losses; these costs were not included in the estimates.
