A house burned down by wildfire in Pacific Palisades, Los Angeles, California, the US, January 7, 2025. Photo: Xinhua/VNA

A fire in the Palisades area has burned more than 80 square kilometers and destroyed an estimated 5,000 structures. The economic loss is expected to exceed 57 billion USD, making this the most destructive fire in LA history.

The fires have spread rapidly, fueled by winds of up to 160 km/h. Some of Los Angeles’ iconic landmarks – the Hollywood Walk of Fame, the Hollywood Bowl, and celebrity homes in Malibu – have been caught in the blaze.

Firefighters from six other states have been deployed to California.

President Joe Biden has canceled a planned Italy trip to focus on the federal response to the LA wildfires.He announced that the federal government will cover all of the cost for 180 days.

"It's going to pay for things like debris and hazard material removal, temporary shelters, first responders salaries, and all necessary measures to protect life and property. And folks, I want to underscore, I told the governor, local officials, spare no expense to do what they need to do and contain these fires and in their communities that have really been devastated," Biden said.

Forecasters say dry conditions and strong winds are expected to persist through at least January 10, continuing to threaten the region. Meanwhile, financial experts estimate that the wildfire disaster could cause insurance losses of 8-20 billion USD, surpassing the cost of previous wildfires, such as the 2018 Woolsey Fire in California.