LA fires could cause over $50B in damages — making them the most expensive in California history

The devastating fires ripping across Los Angeles could cause more than $50 billion in damages – making them the most costly in state history, according to a report. 

Five wildfires are currently tearing through Santa Monica, Malibu and other areas in Los Angeles County that are home to some of the country’s priciest real estate – with the median home value above $2 million, according to an AccuWeather report. 

The total damage of the wildfires – which are spreading through the Pacific Palisades at uncontrollable rates due to high windstorms – will likely cost between $52 billion and $57 billion, according to an AccuWeather estimate.

“This is already one of the worst wildfires in California history,” AccuWeather Chief Meteorologist Jonathan Porter said in a statement. “Should a large number of additional structures be burned in the coming days, it may become the worst wildfire in modern California history based on the number of structures burned and economic loss.”

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