This Wednesday, Jack Kyser, chief economist for the Los Angeles County Economic Development Corp., revealed in his annual report that the Writers Guild of America strike may have cost Hollywood an estimated $2.5 billion.

Jack Kyser released his annual Economic Forecast Report for Los Angeles County and its surrounding areas, consisting of 71 pages that explore the effects of the recently-ended Hollywood writers’ strike on the local economy as well as other problems affecting the region such as the housing crisis and tourism, according to the Hollywood Reporter.

The strike commenced on November 5, 2007 and extended beyond anyone’s expectations. Now that it has ended (Feb. 12, 2008), analysts are attempting to measure the spilt milk and there seems to be reason enough to cry.

Kyser’s estimation of $2.5 billion includes lost wages from TV shows that were canceled and from movies that were not finished. Moreover, almost $60 million was lost because Hollywood’s Foreign Press Association was forced to cancel its annual glam-fest: the Golden Globes awards ceremony.

While one strike is finally over and life moves one, Kyser fears that another may follow, considering that the union’s labor contract with the studios expires on June 30. The fact that the Screen Actors Guild could follow the writers’ example concerns him. Kyser said that the SAG leaders are “talking tough” in their negotiations, the Hollywood Reporter adds.

Tom Hanks, George Clooney, Meryl Streep and Robert De Niro have made a common front, urging the union to initiate early talks with the Alliance of Motion Picture and Television Producers in order to prevent further disasters.

All eyes are now on Sunday’s Academy Awards ceremony, which after weeks of quivering from its producers, will go on sans strike and picketing. Studios expect to see increased sales for their Oscar-nominated pictures.