Los Angeles wildfires could be the costliest in history

Wildfires still raging across Los Angeles County are projected to be among the costliest natural disasters in U.S. history.

Early estimates of damage and economic losses total between $250 billion and $275 billion, according to AccuWeather, which revised previous estimates of $135 billion and $150 billion. The new estimate is the same for Hurricane Helene, which affected six southeastern states last fall.

AccuWeather factors in damage to homes, businesses, infrastructure and vehicles, immediate and long-term health care costs, lost wages and supply chain interruptions, per The Associated Press.

“This will be the costliest wildfire in California modern history and also very likely the costliest wildfire in U.S. modern history, because of the fires occurring in the densely populated areas around Los Angeles with some of the highest-valued real estate in the country,” said Jonathan Porter, AccuWeather's chief meteorologist.

The fires have killed at least 24 people and burned more than 12,000 structures since Tuesday, media outlets reported. AccuWeather meteorologist Alex DaSilva warned of another "incredibly dangerous week near the fire zones and across much of the Los Angeles region as stronger wind gusts return."

Other entities projecting the disaster to be among the costliest include insurance broker Aon PLC and Moody's, per The Associated Press. A firm estimate of the financial losses won't be known for several months.

CNBC reports the insured losses from the fires may exceed $20 billion, according to estimates published by JPMorgan. That would surpass the damage from the 2018 Camp Fire in Paradise, California, the costliest blaze in U.S. history.

That disaster is now estimated at $12.5 billion, adjusted for inflation. It killed 85 people and destroyed about 11,000 homes.