Biden announced that the federal government will be covering 100% of the costs of the fires for 180 days. This includes costs of debris and hazard removal, first responder salaries, temporary shelters and “all necessary measures to protect life and property.

An analysis by J.P. Morgan estimates that the insured losses from the Southern California wildfires could exceed $20 billion and push overall economic losses to $50 billion.

With strong winds, dry conditions and no immediate end in sight, analysts project total economic losses of as much as $150 billion.