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

With strong winds, dry conditions and no immediate end in sight, analysts project total economic losses of $50 billion to $150 billion.

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,

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.