Los Angeles is reeling from the most destructive wildfires in its history, and firefighters are struggling to contain the devastating blaze.

A fast-moving series of fires beginning Jan. 7 has devastated areas of Southern California, causing thousands of residents to have to flee their homes — including many stars, such as Milo Ventimiglia,

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,

The biggest threat to Los Angeles remains the strong winds, which reduced in speed early Thursday morning, allowing firefighters to better take control of the fires. Stronger winds, however, are expected to return later in the day.

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

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

State authorities previously listed the Palisades as one of the five Southern California areas with the highest concentration of potential wildfire risks. The community also is among the areas most impacted by an unavailability of insurance coverage.

The most destructive wildfires in Los Angeles history Thursday have burned more than 27,000 acres, destroyed 1,000 structures, killed five people and upended the lives of tens of thousands of people forced to flee.

"This is likely to end up being one of the most expensive wildfires in modern California history," said AccuWeather's chief meteorologist.

At least five people are dead and many more injured as several fires broke out across Southern California amid historically dry and windy conditions.