'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.

Many businesses in Santa Monica are doing what they can to help wildfire victims, turning their shops into mini donation centers.

OpenClosit, a designer rental shop on Montana Avenue, collected all sorts of essentials, including clothing, toiletries, baby items and more.

"I'm devastated with the way things look, and I don't know how to comprehend it in the same way as everyone else is, but I do know that what we have is such an incredible community of people who just want, in any way, to help," said OpenClosit Founder Johanna Moonan.

Many businesses in Santa Monica are doing what they can to help wildfire victims, turning their shops into mini donation centers.

Down the street at Bijou Indochine Jewelry, owner Natalie Vo Karlin is offering free toiletries, laundry items, and even coloring books for kids since she doesn't have the capacity to take donations.

Both business owners just want to give back to the community they love.

"We have this opportunity to give back, even as little as this is, I just want to make sure to be open to check on the people that are in the area," said Karlin. "I want to make sure to give them hugs if they need it. I want to make sure that they're ok. Sometimes they just need that."

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.