Cost of rebuilding skyrockets to more than $250 billion

As the devastation of California’s wildfires rages on, the cost of rebuilding keeps going up as well, though few could have ever imagined a price tag like this.

AccuWeather reports that the cost of rebuilding is expected to be between $250 billion and $275 billion.

Previous estimates had that figure north of $50 billion, then as high as $150 billion.

Part of the enormous cost estimate is accounting for the fact that the Palisades Fire, burning near Pacific Palisades, Malibu and Santa Monica, is torching some of the most expensive real estate in the country, AccuWeather explains.

“These fast-moving, wind-driven infernos have created one of the costliest wildfire disasters in modern U.S. history,” AccuWeather Chief Meteorologist Jonathan Porter said. “Hurricane-force winds sent flames ripping through neighborhoods filled with multi-million-dollar homes. The devastation left behind is heartbreaking, and the economic toll is staggering.”

The extent of the devastation remains fluid, however, as even more dangerous fire conditions are expected to hit Southern California on Wednesday.