At least 115 died in the fires and more than 800 people were still missing as of Monday local time, according to Maui County officials.
The catastrophic wildfires in Maui, Hawaii have caused $4 billion to $6 billion in economic losses, according to an estimate by Moody's RMS on Tuesday.
The estimate looked at property damage and business interruptions across residential, commercial, industrial and infrastructure assets, according to the firm, which models risks from climate change and natural disasters. The true cost of the deadliest wildfire in the U.S. in more than a century is almost certainly higher than the estimated property damage.Sign up for NBC LA newsletters.
The billions of dollars in estimated losses do not take into account the blaze's impact on Hawaii's gross domestic product, government spending on the response to the catastrophe, or the social cost of the fires, according to Moody's. And rebuilding will be costly as inflation drives up prices during the long recovery process, according to Moody's. Goods are already more expensive on Maui due to the island's remote location and labor costs in the construction industry are high.
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