The latest estimate of the cost of the Fort McMurray wildfire is also the highest to date. The Conference Board of Canada says rebuilding efforts will see $5.3 billions re-invested into Alberta’s economy. Roughly $3.6 billion will be covered by insurance payouts, while governments will be left with around $1.5 billion for firefighting, relief, and construction.
The rush to re-build homes and businesses is expected to create 9,000 jobs in 2017, which should drop the unemployment rate by point-one per cent. It’s also expected to add $1.1 billion dollars to the province’s GDP next year.
However, the board warns the disaster will lead to more government debt and the possibility of higher insurance rates. No overall benefits from the fire are expected.