This year's wildfires could become the most expensive in California's history.

The damages and economic losses from wildfires in Los Angeles could amount to approximately $57 billion.

Source. This was reported by Business Insider citing estimates from AccuWeather.

The fires could become the most destructive and costly in California's history.

According to chief meteorologist Jonathan Porter from AccuWeather, these fires may rank among the most financially damaging in terms of the number of structures destroyed.

The forests ignited on January 7. The following day, U.S. President Joe Biden canceled his last foreign trip to Rome and the Vatican, and declared a state of emergency.

The president also ordered federal assistance in addition to state and local efforts to restore areas affected by the wildfires.

At least five individuals are believed to have lost their lives, and 100,000 residents in the areas near Hollywood will be evacuated, reported Reuters.

According to PowerOutage.us, nearly 1 million homes and businesses in Los Angeles County remain without power.

On January 9, it was revealed that the fire in the "celebrity" neighborhood of Los Angeles, Pacific Palisades, destroyed the homes of actors John Goodman, Eugene Levy, and Billy Crystal. On the same day, American actress Paris Hilton reported that her home in Malibu was burned down due to the wildfire.

In just two days, the fire obliterated over a thousand buildings in Pacific Palisades—a prestigious area home to many Hollywood actors and celebrities.

Among those who have lost their homes are actress and heiress to the Hilton hotel empire, Paris Hilton, as well as actors Mandy Moore, Adam Brody, Jamie Lee Curtis, and others. Real estate in this area is also owned by Adam Sandler, Ben Affleck, Tom Hanks, and Steven Spielberg.

The fire forced Universal Studios to cancel the filming of several series and alter the schedule of movie premieres. The ceremonies for several film awards were postponed. In Hollywood, the Walk of Fame and the Dolby Theatre, where the Oscars ceremony takes place, are also under threat from the fires.

Background. It is worth noting that despite attacks from Trump supporters, Prime Minister Justin Trudeau announced Canada's assistance in extinguishing the wildfires in California.