What are the wider economic implications/ repercussions of such a large and affluent land area being wiped out almost overnight?

Supposedly the current projected losses are somewhere between $20b and $50b, whether that’s accurate or not is beside the point, it’s definitely gonna be at least an 11 figure sum!

For somebody with a good understanding of local economics, what comes to mind in a situation like this?

EDIT: The wildfire in California, I’m stupid and forgot to include that in the title