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,

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

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.

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

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