Catastrophic wildfires burning across Los Angeles look set to be the costliest in US history, with initial estimates suggesting the economic loss could top $50bn.
The preliminary estimate, calculated by private forecaster Accuweather, said losses are likely to range between $52bn and $57bn, as fierce blazes continue to leave a trail of destruction across the US state.
At least 10 people have been killed, more than 2,000 structures burned down, and least 180,000 people are now under evacuation orders after 6 wildfires spread across Los Angeles County.
Devastating before-and-after-images of California show the extensive damage caused by the wildfires, after sweeping through Los Angeles.
“Spare no expense”, Biden told California’s governor late on Thursday, as he promised to cover “100%” of costs.
It comes as Harry and Meghan, who could soon be forced to evacuate their LA mansion, urged fellow residents to “open their homes” to those affected by the devastating wildfires.
“If a friend, loved one, or pet has to evacuate and you are able to offer them a safe haven in your home, please do,” the couple said on their website, sussex.com.
“And be sure to check in with any disabled or elderly neighbours to see if they need help evacuating. Some families and people have been left with nothing,” they added
After telling locals to “consider donating clothing, children’s toys & clothing, and other essentials,” the couple are thought to have personally donated supplies to local residents caught up in the fires.
The Sussexes also invited into their home friends and loved ones who had been forced to evacuate, it is understood.
Four seperate wildfires on Wednesday became six less than 24 hours later, as flames engulfed close to 27,000 acres.
The Palisades and Eaton fires, the largest of the group, both remain at 0% containment, meaning the uncontrollable flames continue to spread freely.
The insurance industry is also bracing for major losses – despite many California residents reporting policies that have been cancelled in the months leading up to the blaze.
The frequency of fires in California has left many facing significantly higher payments – with others finding their houses are altogether uninsurable.
Analysts from firms including Morningstar and JP Morgan forecasting insured losses of more than $8bn.
LA County Sherriff has confirmed on Thursday that nearly 180,000 LA residents have been told to leave the area.
He added that a further 200,000 residents are under evacuation warnings.
The satellite images, taken on Wednesday, show how the Eaton fire engulfed the star-studded area of Altadena, California, burning entire neighbourhoods to the ground and forcing thousands to evacuate.
Proving that money does little in the face of nature, a host of A-list stars have been caught up in the fires.
Celebrities including Adam Brody and Leighton Meester, Paris Hilton, Anthony Hopkins, Eugene Levy, and Jamie Lee Curtis thought to have lost their multi-million pound mansions.
It comes as one millionaire real estate investor was criticised for making “tone deaf” comments after he offered to pay private firefighters “any amount” to protect his Pacific Palisades home.
Satellite images composited by LBC show the charred remains of what was once a beautiful neighbourhood dotted with swimming pools and leafy palm trees.
Images taken yesterday of the same structures show houses glowing red as they burn with billowing smoke drifting over the area.
Other photos show the before-and-after of destruction from the fires on Wakecrest Avenue, a residential street in Malibu, California.
One photo shows the wreckage from a house burned to the ground by the fires with only the chimney remaining upright.
Another photo shows a previously bright white house now charred after the fires that exploded across southern California caused it to collapse.
The latest blaze has been dubbed the Sunset Fire, having erupted in the Hollywood Hills, near Runyon Canyon.The Hollywood Walk of Fame, the TLC Chinese Theatre and the Hollywood Bowl have now all been cleared as the blaze continues to wreak havoc.
An alert read: “A Mandatory Evacuation Order is now in place for Laurel Canyon Blvd (on the west) to Mulholland Dr (on the north) to 101 Freeway (on the east) down to Hollywood Blvd (on the south).”
Officials say that at least 1,000 buildings have been destroyed so far, with upwards of 130,000 people evacuated – including actors Mark Hamill, Tom Hanks, Ben Affleck, and Miles Teller.
Locals have now been asked to conserve water, as firefighters turn to the domestic water system to fight the flames.It comes despite authorities saying there was a 0% chance of controlling the flames.
Fire chiefs in California say there is no chance of containing the extensive wildfires, as high winds fuel the blaze across the Pacific Palisades.
Recent hours have seen President Biden officially categorise the wildfires a “national disaster”, meaning the state now has access to emergency funds.
Fires in California spread to the Hollywood hills
Chiefs warned late on Wednesday that the wildfires could potentially become the most destructive in the history of the state of California.
Janisse Quiñones, chief engineer and CEO of the Los Angeles department of water and power, told reporters on Wednesday that by 3am on Wednesday morning, the three 1m-gallon tanks serving the Palisades had all run dry.
“We had a tremendous demand on our system in the Palisades. We pushed the system to the extreme,” Quiñones said during an early Wednesday morning press conference.
“Four times the normal demand was seen for 15 hours straight, which lowered our water pressure.
”It comes as President Biden landed briefly in California en-route to Washington, meeting with fire chiefs on Wednesday.
