The Los Angeles wildfires are set to be the costliest blaze in U.S. history, analysts said Thursday, as the first initial estimates of damage from the infernos soared with their unchecked spread. Total economic losses from the fires are now pegged at close to $50 billion,

The fires’ proximity to densely populated areas means they are burning through more structures than past fires that covered more territory, preliminary figures show.

"This is likely to end up being one of the most expensive wildfires in modern California history," said AccuWeather's chief meteorologist.

The damage is expected to far exceed the $16 billion in economic losses from Maui's wildfires two years ago. Weather now accounts for almost all of the $320 billion in annual natural catastrophe damages worldwide.