'Not out of the woods': Fire-scarred LA braces for another round of dangerous winds

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 ongoing fires, according to analysts, appear to already be the costliest wildfire event in California history.

READ MORE | LA fire costs could reach $30 billion for insurers

A "particularly dangerous situation" with a red flag warning is in effect for parts of L.A. County and most of Ventura County on Tuesday, weather officials said, with winds threatening to further fuel the region's wildfires.

The warning went into effect at 4 a.m. and will last through noon Wednesday. Winds are forecast to gust between 45 mph to 70 mph, with relative humidity as low as 8%.

The PDS warning stretches across a large swath of Southern California. Though it doesn't include the area where the Palisades Fire is burning, but does get very close to the Eaton Fire in the Altadena area.

The highest wind gusts reached 72 mph in the San Gabriel Mountains early Tuesday and 50 mph in the Malibu area.

The strongest gusts are expected Tuesday morning and early afternoon, which will then be followed by a break in the evening. More gusty winds are expected Wednesday morning.

ABC News contributed to this reporting.

Firefighters have stopped forward progress of a new brush fire that broke out overnight in Ventura County. The Auto Fire burned 56 acres in the Santa Clara River bottom amid red flag conditions across Southern California.

Officials reported that the blaze was fully contained, but later said it stands at 0% containment.

The fire danger posed by the return of strong Santa Ana winds is expected to remain through Wednesday afternoon.

A new fire erupted overnight amid dangerous red flag conditions across Southern California. The Auto Fire burned 56 acres in Ventura County before firefighters stopped its forward progress.

Mayor Bass issued an executive order that will help clear the way for Los Angeles residents to rapidly rebuild the homes they lost in the fires. It also lays the foundation for businesses to plan their rebuild.

"This unprecedented natural disaster warrants an unprecedented response that will expedite the rebuilding of homes, businesses and communities," Bass said. "This order is the first step in clearing away red tape and bureaucracy to organize around urgency, common sense and compassion. We will do everything we can to get Angelenos back home."

The executive order will help coordinate debris removal from impacted areas, clear the way to rebuild homes as they were, make 1,400 units of housing available and establish a framework to secure additional relief and resources, according to a news release.