Fire victims are eligible to receive compensation from a dedicated $13.5 billion fund established specifically to provide relief for those affected. This significant fund was created as part of a settlement deal after PG&E declared bankruptcy in 2019.
Understanding the Compensation Fund
The fund's primary purpose is to pay fire survivors for their losses. While the total amount is substantial, the individual amount each victim receives varies based on the specifics of their claim, the severity of damages, and the claims process. The $13.5 billion represents the total pool available for distribution to all eligible survivors.
Fund Composition
The structure of the compensation fund is designed to provide both immediate and long-term value to victims. It is composed of a mix of cash and company stock:
| Component | Amount (Approximate) | Details |
|---|---|---|
| Total Fund | $13.5 billion | The overall amount allocated for fire survivor compensation. |
| Cash Portion | $6.75 billion | Approximately half of the fund is provided in cash. |
| Stock Portion | $6.75 billion | The other half is funded with the utility's stock, subject to market value. |
Victims voted in favor of this compensation deal, despite facing considerable pressure during the process. The establishment of this fund aims to provide financial support to those who suffered losses due to the fires.
