The destruction caused by the Los Angeles-area wildfires, possibly the worst ever in California, is almost certain to rank as one of the most costly natural disasters in U.S. history, with the total economic toll well into the tens of billions of dollars.

Analysts estimate economic losses at more than $50bn as the fires burn through some of the most expensive property in the US.

The wildfires burning across Los Angeles could be among the costliest natural disasters in U.S. history. The blazes — which are ripping through some of the nation’s priciest real estate — are likely to cause between $52 billion and $57 billion in damages and economic loss,