Alberta says Fort McMurray fires cost C$500 million, ups deficit forecast

Reuters News
|
Posted: Aug 23, 2016 3:56 PM

CALGARY, Alberta (Reuters) - The massive wildfire that ripped through the oil sands hub of Fort McMurray in northern Alberta in May will cost the province an estimated C$500 million ($387.33 million) in 2016-17, the Alberta government said on Tuesday in a first quarter fiscal update.

The Canadian crude-producing province's 2016-17 deficit is now forecast to be C$10.9 billion, C$527 million higher than estimated in the April budget.

(Reporting by Nia Williams; Editing by Sandra Maler)