While the insurance cost of the devastation is estimated to be around $30 billion, another tally puts the total damage at upward of $250 billion.

Analysts at Goldman Sachs warn that the recent fires in Los Angeles County might become the most costly in California's history. Losses could reach up to $40 billion (€38 billion), making it one of the 20 most expensive natural disasters in the US relative to GDP.

Officials released details about the recovery effort from the initial Los Angeles fires — an effort expected to last up to 18 months as authorities clear the wreckage.