The Economic

Impacts of the 2016

AlbertaWildfires.
At a Glance

Over May and June, the Fort McMurray wildfires swallowed nearly 590,000 hectares
and destroyed nearly 2,000 residential and commercial structures.

A total of $5.3billion will be injected into Albertas economy for the rebuilding effort;
this will have been Canadas costliest natural disaster.

Temporary shutdowns of oil sands production created losses of around 47 million

barrels and cost producers $1.4billion in revenues in 2016.

While rebuilding and replacing lost assets will generate economic activity, this

doesnt suggest that Canadians in general or Albertans in particular will be better

offeconomically.

BRIEFING NOVEMBER 2016

The Economic Impacts of the 2016 AlbertaWildfires

Executive Summary
In early May 2016, uncontrolled wildfires
engulfed much of Fort McMurray and the
Regional Municipality of Wood Buffalo, leading
to the evacuation of over 88,000residents.
Economic activity in Fort McMurray came to a
grinding halt and the wildfires and evacuation of
workers from the area resulted in many oil sands
operations shutting down production.
Over May and June, the fires swallowed nearly 590,000hectares,
roughly the surface area of Prince Edward Island, and destroyed nearly
2,000residential and commercial structures. Temporary shutdowns
reduced oil sands production by a peak of more than 1million barrels per
day in Maysome of it crude bitumen, but most of it pricier upgraded
or synthetic crude oil. Production partly recovered in June, but some
major facilities were not fully operational until July as they struggled to
get workers back to the sites and operations under way. Oil production
losses totalled around 47million barrels and cost producers $1.4billion
in revenues in 2016.
A massive injection of funds from provincial and federal governments,
insurance companies, and private sources will go toward the cleanup
and rebuilding effort in and around Fort McMurray. In total, $5.3billion
will be re-invested in Albertas economy over the next threeyears.
The lions share of this will be absorbed by the insurance industry,
which is estimating $3.6billion in claims that will significantly boost
consumer spending, construction, and other economic activity in Fort
McMurray and throughout the province. This is in stark contrast to the
experience of the 2013 Alberta floods, where insurers paid approximately
$1.8billion in claims while federal and provincial governments registered
a loss of about $3billion due to the general lack of flood insurance in
the province.

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The Conference Board of Canada

The true cost

of this tragedy
is its effect on
peoples lives
andlivelihoods.

Overall, we expect the impact of the wildfires to shave $456million, or

0.1per cent, off of real GDP in Alberta in 2016. In subsequent years, we
anticipate that the rebuilding effort will lift economic activityboosting
Albertas real GDP by $1.1billion, or 0.4per cent next year, 0.2per
cent in 2018, and 0.1per cent in 2019. Close to 16,000person-years of
employment will be generated over 201619.
If the impacts will be noticeable at the provincial level, they will be
sizable in the Wood Buffalo region. Rebuilding Fort McMurray will bolster
construction, retail sales, and other economic activity over the next
fewyears.
The true cost of this tragedy is its effect on peoples livesthe loss of
personal items and homesand livelihoods. And while rebuilding and
replacing lost assets will generate economic activity, this doesnt suggest
that Canadians in general or Albertans in particular will be better off
economically. The wildfires will leave a sizable dent in public finances
while property and casualty insurers will have to absorb the massive cost
of claims.

The Unfolding of Canadas Costliest Disaster

Fort McMurray experienced the unthinkable. On Sunday, May 1,
uncontrolled wildfires resulted in evacuation warnings being sent to
residents of communities southwest of Fort McMurray. Over the following
two days, with the weather failing to cooperate, the wildfires took hold in
and around the Regional Municipality of Wood Buffalo.1 By late Tuesday,
residents were scrambling to escape the fires that had engulfed large
swathes of the city of 88,000people.
In the days that followed, Canadians across the country watched the
tragic events unfoldfamilies displaced, patients evacuated from
hospitals, pets left behind. Images showing the extent of the damage

1 The Regional Municipality of Wood Buffalo is a geographically large municipality situated

in northwestern Alberta that includes the city of Fort McMurray, a number of other smaller
communities, and much of the oil sands deposits. The economic impact analysis was
done for the region as a whole.

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The Economic Impacts of the 2016 AlbertaWildfires

were hard to comprehend. Estimates suggest that 1,935residential and

23commercial and industrial structures were damaged or destroyed
and that there will be more than 12,000auto claims as a result of the
wildfires. Luckily, no lives were lost in the fire, although a road accident
during the evacuation did result in two fatalities.
Economic activity in Fort McMurray had ground to a halt. As supply
central for Albertas massive oil sands industry, the tragic events
and evacuation of workers from the area resulted in many oil sands
operations stopping production. By the third week of May, fires seemed
to be heading away from the region and some of the oil sands production
facilities were planning to bring production back online. But prevailing
winds shifted again, leading to further evacuation of workers; one work
camp was lost to fire. In all, the fires swallowed nearly 590,000hectares,
roughly the surface area of Prince Edward Island.
Temporary shutdowns reduced oil sands production by a peak of more
than 1million barrels per day in Maysome of it crude bitumen, but
most of it pricier upgraded or synthetic crude oil. Production partly
recovered in June, but some major facilities were not fully operational
until July as they struggled to get workers back to the sites. Oil
production losses totalled around 47million barrels and cost producers
$1.4billion in revenues in 2016.
Following a massive firefighting effort and the re-establishment of critical
public services and infrastructure, residents started to return to Fort
McMurray. A voluntary phased re-entry of Fort McMurray began June 1.
Some areas of the city are still not freely accessible, and re-entry into
Waterways, Abasand, and Beacon Hill has been delayed until public
authorities have completed remediation and cleanup. Government
authorities, insurers, and business leaders are assessing the damages
and planning for a return to normal life in the Alberta city. While the
bulk of losses will be covered by property and casualty insurance
companies, with claims expected to total $3.6billion,2 provincial and

Estimates of insured losses are preliminary. It could take many more months to fully
assess all damages.

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The Conference Board of Canada

federal governments have also committed to remunerating households

This will have been

Canadas costliest
natural disaster.

and cleaning up and rebuilding Fort McMurray. In total, The Conference

Board of Canada estimates that $5.3billion will be re-invested in the
province; this will have been Canadas costliest natural disaster.
This briefing updates an earlier Conference Board report on near- and
medium-term economic impacts that the wildfires and rebuilding effort
will have on the Alberta and Fort McMurray economies. Our original
briefing was completed in mid-May, when it looked as though the fires
were no longer a threat to the area. This briefing incorporates the fuller
extent of interruptions to oil sands production and more precision about
the losses to property and infrastructure in Fort McMurray.

Where Things Stand

As residents move back to the city, the Regional Municipality of Wood
Buffalo has already allocated several hundred contracts to repair
or rebuild infrastructure. The city is favouring local suppliers when
possible.3 While most of the main public infrastructure such as hospitals,
water treatment plants, and natural gas distribution pipelines were spared
damages, government assistance will be needed to remove debris and
for the cleaning effort, among other things.
At times, over 2,500 firefighters were at work in the province trying to
control the blaze that ravaged Fort McMurray in early May. Two months
later, in early July, the wildfires were finally contained. The Alberta
government spent an extra $369million on wildfire-fighting costs. As
well, while there has not been any announcement on the final cost to
the Alberta government, it will be sizable. The province has allocated
an extra $195million for the Wood Buffalo wildfire Disaster Recovery
Program.4 In addition to what has already been spent, the Conference
Board estimates that governments from all levels will spend an additional

Alberta Government, Fort McMurray Employers.

Alberta Treasury Board and Finance, 201617 First Quarter Fiscal Update.

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The Economic Impacts of the 2016 AlbertaWildfires

$1.2billion on goods, services, and public infrastructure between now

Claims from the

Fort McMurray
wildfire are
expected to total
approximately
$3.6billion.

and 2019 to help with the clean-up and rebuilding effort, with most of the
funds spent this year and next.
The Alberta government also offered public assistance to households
that had to temporarily relocateproviding $1,250per adult and
$500per dependent to cover living expenses. Households also received
emergency funding from the Canadian Red Cross, while a number
of energy companies also provided their Fort McMurray oil sands
employees with lump-sum payments for emergency housing and goods.
Those transfers, totalling $200million, would have been spent to meet
the immediate needs of households.
According to the Insurance Bureau of Canada, claims from the Fort
McMurray wildfire are expected to total approximately $3.6billion
nearly 45,000claims averaging over $81,000each.5
Of the claims, 67per cent will be for personal lines loss, including
passenger vehicles, for a total of $2.4billion. More than 2,000homes
were destroyed by the blaze or have been deemed unsafe to occupy;
50per cent of the homes were affected in the Absand neighbourhood,
70per cent of the homes were impacted in the Beacon Hill
neighbourhood, and nearly all of the homes were destroyed in the
Waterways neighbourhood. Over 12,000fridges and freezers were also
deemed unusable; this was caused by power being interrupted for an
extended period of time. The fridge removal effort was coordinated by
the Insurance Bureau of Canada. Furniture retailer The Brick ordered
15,000 new fridges to be delivered to Fort McMurray residents.6 The
Conference Board estimates that replacing fridges, vehicles, and other
household durables will add $600million to household consumption,
mostly this year and next.

Morgan, A Whopping $3.58 Billion.

Ramsay, What Happens to All the Fridges.

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The Conference Board of Canada

Of the estimated $2.4billion in payments for personal lines, the

Conference Board estimates that $1.2billion will be used for rebuilding
and repairing affected homes, $600million will be spent on refurbishing
and vehicles, and the remaining $651million will be spent on services,
in part to accommodate displaced households with temporary living
expenses and also for cleaning and other services needed to render
homes safe to occupy.
Initial estimates from Insurance Bureau of Canada suggest that
commercial properties claims will total $1.2billion to repair or rebuild
damaged property and cover business interruptions. While oil sands
facilities and work camps north of Fort McMurray were initially spared,
some of the facilities housing oil workers suffered damages. Horizon
Norths Blacksand Executive Lodge, a 655-unit facility, was completely
destroyed as the fire spread north.7 The Conference Board estimates
that about $350million will be spent to replenish lost business
inventories and the remaining $850million will be spent on repairing or
rebuilding structures. Table 1 depicts these assumptions, and others,
used to assess the economic impacts of the Fort McMurray wildfires.
Excluding the losses in oil exports, the Conference Board estimates
that a total of $5.3billion will be injected into Albertas economy, of
which $3.6billion will be covered by insurance claims for households
and businesses.

Table 1
Assumptions Used for Economic Impact Analysis
($ millions)
2016

2017

2018

2019

Total

Government spending (all levels) on goods and services

300

275

136

70

781

Government spending (all levels) on infrastructure

112

450

131

67

760

Household consumption of goods

219

220

112

49

600

Household consumption of services

516

116

14

651

(continued )

7 Tuttle, Fort McMurray Fires Spread North.

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The Economic Impacts of the 2016 AlbertaWildfires

Table 1 (contd)
Assumptions Used for Economic Impact Analysis
($ millions)
2016

2017

2018

2019

Residential investment (new housing and renovations)

208

460

348

149

1,165

Business non-residential investment in structures

158

457

122

82

819

Business investment in inventories

151

164

18

18

351

1,388

1,388

200

200

Exports of oil
Transfers to households from government, Red Cross,
and businesses

Total

Source: The Conference Board of Canada.

Economic Impacts
Alberta has been hard hit by the effects of lower oil prices, leading to
a deep recession in 2015 and another expected decline in real GDP
this year. The massive recession has left the province with excess
capacity and excess labour, especially in industries like construction,
manufacturing, and business services. This reality is reflected in the
Conference Boards Provincial Outlook Winter 2016, completed prior to
the Fort McMurray fires, which was used as the backdrop to our analysis.
This scenario is referenced as the baseline. The Conference Boards
econometric model of Albertas economy was then used to estimate
the economic impacts of the Fort McMurray wildfires over the medium
term based on the assumptions depicted in Table 1. We then compared
the Fort McMurray fires scenario with the baseline, the differences
providing the net economic impacts. But before discussing the results of
our analysis, it is important to note that economic activity or GDP does
not directly measure the loss of assets; instead, it measures the flow of
spending or income. (See What Does GDP Measure.)

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What Does GDP Measure

GDP measures economic activity that generates income through wages, profits,
or the use of capital during the time period being estimated. It does not directly
measure losses in wealth or assets such as homes and vehicles. Nor does it
measure the direct hit to infrastructure or private capital. This is because the loss
is affecting assets that were created in the past. If, for example, a Fort McMurray
retail store was destroyed in the fire, the loss in value of that store would not be
directly captured in the GDP numbers. However, going forward, the loss of the
stores business operations, wages paid, and profits earned would be captured
in the data and would take away from GDP. On the other hand, if the store is
rebuilt, the construction effort would add to economic activity.

The shutdown of activity in Fort McMurray and the surrounding oil

sands facilities is a major hit to the local economy in the short term.
At the provincial level, however, much of the economic activity lost
in the city of Fort McMurray will accrue elsewhere. Families moved
temporarily to other areas, mostly within Alberta, and they spent on food
and accommodations and other serviceswith much of the spending
covered by insurance, donations, or government transfers.
It is unlikely that oil sands producers will be able to ramp up production
in the following months to make up for the supply disruptions of May
and June. Production valued at over 47million barrels and $1.4billion in
revenues will be lost to producers and the province in 2016. On its own,
this lost production will take economic activity down by $1.7billionor
0.5per cent of Albertas projected GDP in 2016. For Canada as a whole,
that share is 0.1per cent of real GDP.
However, there are other mitigating effects to the production shutdown.
The sheer size of the firefighting, emergency services, and clean-up
efforts have generated plenty of economic activity. Moreover, insurance
payouts and emergency funding from the Canadian Red Cross and
the government of Alberta will help bolster real economic activity in the
province in the months to come. But these will not suffice to offset the

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The Economic Impacts of the 2016 AlbertaWildfires

losses in oil sands production this year. Overall, we expect the impact
of the wildfires to shave $456million, or 0.1per cent, off of real GDP in
Alberta in 2016. (See Table 2.) We anticipate that the rebuilding effort will
lift economic activity in subsequent yearsboosting Albertas real GDP
by $1.1billion, or 0.4per cent next year, 0.2per cent in 2018, and 0.1per
cent in 2019.

Table 2
Key Economic Indicators
(difference between baseline scenario and Fort McMurray wildfires scenario)
2016

2017

2018

2019

Total

1,601

1,696

867

521

1,483

456

1,062

455

218

1,279

0.1

0.4

0.2

0.1

0.33

0.10

0.07

0.06

Average weekly wages industrial composite

(percentage difference)

0.04

0.12

0.05

0.03

Household income ($ millions)

236

1,121

457

220

2,034

2,135

8,968

3,264

1,588

15,955

Retail sales ($ millions)

69

345

172

70

656

Housing starts (number)

225

889

882

577

2,574

4,716

130

190

128

4,268

GDP at market prices ($ millions)

Real GDP at basic prices (2007 $ millions)
Real GDP (percentage difference)
GDP deflator (percentage difference)

Employment (number)

Net operating surplus of corporations ($ millions)

Source: The Conference Board of Canada.

The Conference Board expects 2,574 new homes to be built along with
repair works, furnishing of homes, and purchases of new cars, helping to
boost residential construction spending and retail sales. The increased
economic activity resulting from the rebuilding effort will generate close
to 16,000person-years of employment in the province over 201619
peaking with the creation of 8,968jobs next year. This is significant
enough to knock close to 0.1percentage point off the unemployment rate
in 2017 as the rebuilding effort gets into high gear.

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The Conference Board of Canada

Real construction
activity is bolstered
by $986million
from 2016 to 2019.

We expect the wildfires to have minimal impact on consumer prices

at the provincial level, even though there may be shortages and price
spikes for some goods and services at the local level. Apart from crude
oil production facilities stopping operations for their employees security,
there were no major disruptions that restricted retailers ability to restock.
Moreover, the province is keeping a watchful eye on fees charged for
clean-up and other services. As the rebuilding effort gets under way, we
are not likely to see the kind of price pressures that existed during the oil
boom years since low oil prices have created a lot of spare capacity in
construction, transportation, and manufacturing in the province.
Table 3 displays the economic impacts by industry. Lost oil sands
production resulted in a $1.6-billion decline in real mining output in
2016, but activity returns to normal in 2017 and thereafter. Spending
by all levels of government on the firefighting, clean-up, and rebuilding
effort will boost public sector activity significantly, especially in 2016.
Over the four-year simulation horizon, public sector real GDP is up by
a cumulative $871million. Real construction activity is bolstered by
$986million from 2016 to 2019. The biggest gain will occur in 2017 as
residential construction and private and public spending on commercial
structures and infrastructure peaks. Business services and wholesale
and retail activity will also be lifted significantly above the baseline
scenarioincluding the finance, insurance, and real estate sector, which
is buoyed by the processing of insurance claims.

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The Economic Impacts of the 2016 AlbertaWildfires

Table 3
Real GDP by IndustryAlberta
(difference between baseline scenario and Fort McMurray wildfires scenario,
2007 $ millions)
2016

2017

2018

2019

Total

456

1,062

455

218

1,279

11

1,657

1,645

28

17

56

217

476

196

97

986

Utilities

15

10

31

Transportation and warehousing

32

25

10

72

Information and culture

23

23

10

59

Wholesale and retail trade

51

82

32

15

180

Finance, insurance, and real estate

61

122

58

26

268

Community, business, and

personal services

196

119

52

24

391

Public sector

572

177

81

40

871

Real GDP at basic prices

Other primary
Mining*
Manufacturing
Construction

*includes oil sand production

Source: The Conference Board of Canada.

Regional Impacts in Fort McMurray

If the impacts will be noticeable at the provincial level, they will be
particularly sizable in the Regional Municipality of Wood Buffalo, a
community that accounted for roughly 5per cent of Albertas real GDP
before the fires. The two-month-long evacuation and halt in oil sands
production are expected to take real GDP in the Wood Buffalo region
down by over 12per cent in 2016.
Counts done by the municipality have placed the total loss of structures
from the wildfires at 1,95823 commercial and industrial structures and
1,935 residential structures. Of the residential structures, 1,877 were
single-detached homes and 58 were multiple units, thus affecting a total
of 2,574 households or residences. (See Table 4.)

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Table 4
Total Loss of Residential and Business Structures
(number)
Residences

Buildings

634

634

201 Abasand Drive (10 townhouses/2 apt)

300

12

401 Athabasca Drive (townhouses)

230

12

399

399

90

19

323

323

284 Shalestone Way (townhouses)

54

11

141 Siltstone Place (townhouses)

10

178

178

13

Gregoire

Lower Townsite

222

222

Anzac

14

14

Draper

17

17

Gregoire Lake Estates

Grayling

86

86

Abasand houses

Beaconhill houses
711 Beaconhill Drive
Timberlea

Thickwood
401 Silin Forest Road (townhouses)

Waterways

Saprae Creek
Loss residential structures

1,935

Loss commercial and industrial structures

Total loss

23
2,574

1,958

Source: The Conference Board of Canada.

Wood Buffalos infrastructure, such as sewage, electricity distribution,

and water systems, are now operational. Moreover, the rental housing
stock was relatively unaffected by the wildfires. This will provide housing
for some returning residents whose property is lost or damaged while
they wait for cleaning, remediation, and rebuilding to be completed.

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The Economic Impacts of the 2016 AlbertaWildfires

Funds for recovery

and reconstruction
are expected to
flow into Wood
Buffalo quickly.

Rebuilding of destroyed and damaged properties will bring construction

activity in Wood Buffalo quickly back to levels seen when oil prices were
booming. Back then, the residential construction industry was building
between 800 and 1,000 homes a year, but new home construction fell to
under 200 units in 2015.
The decline in oil prices significantly affected Wood Buffalos economy
in 2015real GDP is estimated to have dropped by close to 3per cent
while the municipalitys unemployment rate doubled, from 3.8per cent
in 2014 to 7.6per cent in 2015. Even before the effects of the wildfires,
another recession was forecast for 2016.
In light of the fact that most residential and commercial properties in
the area had fire insurance, funds for recovery and reconstruction are
expected to flow into Wood Buffalo quickly, helping to boost economic
activity. Over the next few years, the rebuilding effort will add significantly
to employment and economic activity in Wood Buffalo, helping to
re-employ idled workers. Construction activity is expected to return to
peak-year levels as residential and other infrastructure is rebuilt and
repaired. Site cleaning and remediation work has begun on affected
properties and is expected to last through the fall. We expect around
200housing starts to break ground this fall and a further 880 units to be
built next year. In all, we assume that 2,574 housing units will be rebuilt
over the next three years. (See Table 5.)

Table 5
Key Economic Indicators: Regional Municipality of Wood Buffalo
(difference between baseline scenario and Fort McMurray wildfires scenario)
Key economic indicators
Real GDP at basic prices
(2007 $ millions)
Real GDP (per cent difference)

2016

2017

2018

2019

Total

1,817

605

233

117

861

12.5

4.1

1.5

0.7

107

4,789

1,761

826

7,482

417

160

75

661

210

881

871

612

2,574

Employment (number)
Wages and salaries ($ millions)
Housing starts (units 000s)

(continued )

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Table 5 (contd)
Key Economic Indicators: Regional Municipality of Wood Buffalo
(difference between baseline scenario and Fort McMurray wildfires scenario)
Industrial impact (2007 $ millions)

2016

2017

2018

2019

Total

1,365

595

229

116

426

13

10

30

260

566

216

111

1,151

1,638

19

1,608

126

11

143

Wholesale and retail trade

Finance, insurance, and real estate

11

Community, business, and

personal services

20

24

Public sector

97

102

Goods sector
Manufacturing
Construction
Primary and utilities
Services sector
Transportation and warehousing
Information and culture

Source: The Conference Board of Canada.

In addition to the massive residential rebuilding effort, we also assume

that the 23 commercial and industrial structures that were destroyed in
the fires will be rebuilt. Because the municipality is relatively small and
not diversified, many inputs such as construction materials, household
durables, and services required will be imported. As such, the rebuilding
effort will indirectly bolster economic activity in other parts of Alberta
and in the rest of Canada. Still, despite these leakages, we expect the
rebuilding effort to boost real GDP in the municipality by 4.1percentage
points in 2017 with the construction industry accounting for the lions
share of the gains. With most of the rebuilding effort occurring next year,
this will add nearly 5,100jobs to the Wood Buffalo economy in 2017.
Overall, we expect the reconstruction effort to generate 8,100personyears of employment in the region over 201619.

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The Economic Impacts of the 2016 AlbertaWildfires

The Fort McMurray

wildfires has
become the
costliest natural
disaster in
Canadian history.

Long-Term Costs
The true cost of this tragedy is its effect on peoples livesthe loss of
personal items and homesand livelihoods. And while rebuilding and
replacing lost assets will generate economic activity, this doesnt suggest
that Canadians in general or Albertans in particular will be better off
economically. The funds put toward replacing lost capital will leave the
provincial and federal governments with more debt and the insurance
industry with the challenge of absorbing what has become the costliest
natural disaster in Canadian history.
In addition to the $3.6billion in losses covered by insurance companies,
our estimates suggest that the firefighting, relief, and rebuilding efforts
will cost roughly $1.5billion in public funds. How these expenses are
split between federal, provincial, and municipal governments has yet to
be finalized.
The balance of insured and uninsured (or taxpayer-funded) losses here
is in stark contrast to the experience of the 2013 Alberta floods, where
federal and provincial governments incurred the vast majority of losses;
disaster relief payments totalled about $3billion, while insurers paid out
approximately $1.8billion in claims. This is because flood insurance
for residences is generally not purchased by homeowners in the
province or elsewhere in the country, whereas fire insurance coverage is
almost universal.
The economic activity generated by the Wood Buffalo rebuilding effort
and other spending, both private and public, will help governments
recoup some funds. We estimate that $378million in personal income
tax revenues and indirect taxes (such as the GST) will be generated by
the additional spending over 201619. Of that, roughly 67per cent will
accrue to the federal government. Unfortunately, the sizable loss in oil
sands revenues that will occur in 2016, affecting corporate income tax
collections at both provincial and federal levels, will not be recouped
even over the four-year simulation horizon. In addition, Alberta will suffer
a net loss to royalty revenues from the one-time hit to production in 2016.
Overall, the federal government stands to recover about $142million over

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The Conference Board of Canada

the 201619 period, while the provincial government could recover only
$40million given generally lower tax rates and its dependence on royalty
revenues. (See Table 6.)

Table 6
Taxes Accrued, 201619
($ millions)
Federal government

Provincial government

Personal income taxes

201

99

Corporate income taxes

113

58

54

24

25

142

41

Indirect taxes
Oil royalties
Total
Source: The Conference Board of Canada.

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The Economic Impacts of the 2016 AlbertaWildfires

APPENDIX A

Bibliography
Alberta Government. Fort McMurray Employers Have Received Four
out of Every Five Recovery Contracts. News release, Edmonton:
Alberta Premiers Office, May 27, 2016. www.alberta.ca/release.
cfm?xID=418298B217234-A185-7523-A724E9B098BD1276 (accessed
June 9, 2016).
Alberta Treasury Board and Finance. 201617 First Quarter Fiscal
Update and Economic Statement. Edmonton: Alberta Government,
August 2016. http://finance.alberta.ca/publications/budget/
quarterly/2016/2016-17-1st-Quarter-Fiscal-Update.pdf (accessed
September 29, 2016).
Canadian Underwriter. Fort McMurray Wildfire Loss Estimate Pegged
at $4.6Billion: Property Claim Services Data. June 2, 2016. www.
canadianunderwriter.ca/catastrophes/fort-mcmurray-wildfire-lossestimate-pegged-4-6-billion-property-claim-services-data-1004092516/
(accessed October 27, 2016).
Jones, Jeffrey, and Justin Giovannetti. Fort McMurray Mayor Says
Rebuilding Worst Hit Areas of City Not a Certainty. The Globe and
Mail, June 5, 2016. www.theglobeandmail.com/news/national/fortmcmurray-mayor-says-rebuilding-worst-hit-areas-of-city-not-a-certainty/
article30282548/ (accessed October 27, 2016).
Morgan, Geoffrey. A Whopping $3.58 Billion: Fort McMurray Fires the
Costliest Event Ever for Canadian Insurers. Financial Post, July 7, 2016.
http://business.financialpost.com/news/economy/fort-mcmurray-firescost-insurers-a-whopping-3-6-billion-the-largest-ever-in-canadian-history
(accessed July 7, 2016).

Find Conference Board research at www.e-library.ca.

18

Appendix A |The Conference Board of Canada

Ramsay, Caley. What Happens to All the Fridges Thrown Out After
Fort McMurray Wildfire? Global News, June 2, 2016. http://globalnews.
ca/news/2738817/what-happens-to-all-the-fridges-thrown-out-after-fortmcmurray-wildfire/ (accessed June 9, 2016).
The Conference Board of Canada. Provincial Outlook Economic
Forecast: Winter 2016. Ottawa: CBoC, 2016. www.conferenceboard.ca/elibrary/abstract.aspx?did=7848 (accessed October 27, 2016).
Tuttle, Robert. Fort McMurray Fires Spread North, Destroying Horizon
North Camp and Forcing Thousands of Oilsands Workers to Evacuate
Camps. Financial Post, May 16, 2016. http://business.financialpost.
com/news/energy/alberta-blaze-nears-enbridge-oil-terminal-as-firespreads?__lsa=a808-57c8 (accessed June 9, 2016).

Find Conference Board research at www.e-library.ca.

19

Insights. Understanding. Impact.

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Insights. Understanding. Impact.

The Economic Impacts of the 2016 Alberta Wildfires

Pedro Antunes, Marie-Christine Bernard, and Prince Owusu
To cite this briefing: Antunes, Pedro, Marie-Christine Bernard, and Price Owusu. The Economic Impacts of the
2016 Alberta Wildfires. Ottawa: The Conference Board of Canada, 2016.
2016 The Conference Board of Canada*
Published in Canada | All rights reserved | Agreement No. 40063028 | *Incorporated as AERIC Inc.
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