Los Angeles fires are the most expensive in American history

The wildfires that broke out in Los Angeles are still raging, and are expected to be among the costliest natural disasters in the history of the United States, according to what Sky News revealed.

The devastating fires have killed at least 11 people and burned more than 12,000 buildings since Tuesday, destroying entire neighborhoods that were home to properties worth millions of dollars. Although it is too early to provide an accurate tally of financial losses, estimates indicate that the losses so far make these fires among the costliest in US history.

A preliminary estimate from AccuWeather indicated that the damage and economic losses so far range between $135 billion and $150 billion. For comparison, AccuWeather estimated the damage and economic losses caused by Hurricane Helen, which swept through six southeastern states last fall, at $225 billion to $250 billion.

Los Angeles County wildfires, fanned by strong Santa Ana winds and extreme drought, remained largely out of control on Saturday. This means that the final toll of fire losses is likely to increase, perhaps dramatically.