The destruction caused by the Los Angeles wildfires is expected to range in the tens of billions of dollars, which would make it one of the costliest natural disasters in U.S. history.

Jimmy Bhullar, an analyst for JPMorgan, estimated total economic losses from the fires at close to $50 billion, double the estimate of a day earlier, The Wall Street Journal reported Thursday. That includes insured losses, which he estimated at more than $20 billion and “even more if the fires are not controlled.”

The 2018 Camp Fire in northern California’s Butte County was the nation’s most destructive wildfire, inflicting insured losses of about $12.5 billion, adjusted for inflation, the Journal reported, citing broker Aon. The Los Angeles Times reported Thursday the Camp Fire resulted in a total of $30 billion in losses.

Read more at Newsmax© 2025 Newsmax. All rights reserved.