Los Angeles: The devastating wildfires ravaging the US state of California for the last seven days are expected to result in historic costs, destroying buildings and infrastructure, while also disrupting businesses. Thousands of dwellings have been reduced to ash in California, where the average house price is around $780,000 and about $3 million in the affluent Pacific Palisades, one of the neighborhoods hit by the wildfires raging since Jan. 7.

According to Anadolu Agency, last week, AccuWeather estimated that the damage and economic losses in the county are between $135 billion and $150 billion, while the death toll reached 24 as of Sunday. Jonathan Porter, AccuWeather's chief meteorologist, stated, "These fast-moving, wind-driven infernos have created one of the costliest wildfire disasters in modern U.S. history." He noted that hurricane-force winds sent flames ripping through neighborhoods filled with multi-million-dollar homes.

Porter emphasized the economic toll, highlighting that the total damage and economic loss from this wildfire disaster could reach nearly 4 percent of the annual GDP of the state of California.