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California fires may cost more than $7 billion

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Economic losses from wildfires in northern California will range from $US3 billion ($3.8 billion) to $US6 billion ($7.6 billion), according to catastrophe modeller RMS.

The continuing blazes have claimed at least 40 lives and destroyed parts of the state’s famous Napa Valley wine region over the past week.

About 5700 homes and other structures have been destroyed, according to US media reports.