In 2025, wildfires became the costliest ever recorded, with economic losses reaching at least $54 billion globally, as reported by a recent study. The analysis highlights that the devastating fires in Los Angeles, along with severe blazes in South Korea and Spain, significantly contributed to these losses. This figure represents the highest level of insured losses documented, but it does not encompass indirect losses such as lost workdays and business closures, which could further inflate the total. Specifically, the Los Angeles fires alone are estimated to add an additional $100 billion to the overall costs when indirect impacts are considered. The fires claimed at least 31 lives and forced over 150,000 residents to evacuate, with many more potentially suffering from health complications due to smoke exposure. Researchers gathered data from the EM-DAT database, which provides a communal record of disaster impacts, although it does not capture the complete extent of damages. This study serves as a crucial resource for understanding the economic implications of wildfires and informing future policy measures.