According to a newly released report by the National Fire Protection Association, the total cost of fire in the U.S. in 2007 was 86 percent higher that it was in 1980, even after adjusting for inflation.
The report, "Total Cost of Fire in the United States," defines the total cost of fire as a combination of economic loss, human loss and efforts to prevent or mitigate fire damage.
In 2007, the NFPA estimates the total cost of fire to be $347 billion, which makes up 2.5 percent of the U.S. gross domestic product.
Among other finding of the report include:
- Economic losses due to fire have decreased by 13 percent since 1980, totaling $18.6 billion.
- The total cost of direct property damages, reported or unreported, totaled at $16.6 billion. This represents 90 percent of the economic loss, while the other 10 percent represents indirect losses, such as business interruption.
- Human losses are estimated at $42.5 billion.
For more information about the report or for fact sheets, visit www.nfpa.org/research.