Los Angeles wildfire may have caused damage worth $57 billion, one of US' costliest disaster

The Los Angeles wildfire is among the costliest natural disaster the US has ever faced, reports Bloomberg citing a preliminary financial assessment. The wildfire could end up being one of the most expensive ones that the nation has faced.

he blazes, which are consuming some of the nation's wealthiest neighborhoods around Santa Monica and Malibu, are affecting areas with a median home value over $2 million, according to AccuWeather Inc. The damage and economic losses are expected to total between $52 billion and $57 billion.