A new wildfire has broken out in Ventura County as the Palisades Fire and Eaton Fire have been burning for one week in Los Angeles County.

Beyoncé and The Weeknd have both decided to postpone upcoming projects out of respect for so many of their fans who are currently being impacted by the Los Angeles wildfires one week later. The "Cowboy Carter" singer was supposed to share a major surprise announcement on Tuesday,

The money will go to organizations like the American Red Cross, the Los Angeles Fire Department Foundation, World Central Kitchen and more.

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.

Analysts are evaluating the financial impact of the wildfires that have charred hillsides, homes and streets in Los Angeles County, with initial estimates from AccuWeather suggesting total economic losses could reach as high as $150 billion.