Multiple fires raging across the Los Angeles area will cost insurers as much as $30 billion, Wells Fargo and Goldman Sachs estimated in a report released this week. After accounting for non-insured damages, the total costs will balloon to $40 billion, the report said.

The Los Angeles wildfires, which began on January 7, have devastated neighborhoods, killed 24 individuals, and displaced thousands. Firefighters are battling the flames, with strong winds expected to exacerbate the situation.

A new wildfire was reported today at 7:56 a.m. in Los Angeles County. The wildfire has been burning on private land. At this time, there is no information on the containment of the fire and the cause of it is still undetermined.

The Federal Emergency Management Agency has activated the Critical Needs Assistance Program, allowing victims of the Los Angeles-area wildfires to receive a one-time payment of $770 from the federal government.