A preliminary estimate of the economic impact of the fires in Los Angeles ranks the incident among the costliest natural disasters in the US and likely the costliest fire in the country, according to Bloomberg.

Wildfires burning around Santa Monica and Malibu are destroying some of the most expensive real estate in the U.S., affecting areas where median home values ​​exceed $2 million, according to AccuWeather. The disaster will likely cause damages and economic losses of 52 to 57 billion. dollars, AccuWeather reported.

The fires may spread deeper into these neighborhoods, destroying further homes.

Hurricane Katrina of 2005 is the costliest natural disaster in the US, with an estimated cost of $200 billion. dollars, according to National Oceanic and Atmospheric Administration data dating back to 1980. California wildfires in 2018, including the Camp Fire, caused $30 billion in damage. dollars.

In addition to the human cost and property damage in Los Angeles, there will likely be long-term health effects from the smoke, as well as a blow to the area’s tourism businesses, AccuWeather added.

“This is already one of the worst wildfires in California history,” said Jonathan Porter, AccuWeather’s chief meteorologist. “If a large number of additional homes burn in the coming days, it could become the worst wildfire in modern California history based on the number of structures burned and economic losses.”