Late Friday, a major settlement was reached in the lawsuit filed by Maui homeowners in the wake of 2023's dreadful fires. Fire victims, insurers and utility companies were all involved in the lawsuit and the settlement.

The settlement, which remains subject to court approval, will cover less than half of the overall cost of the disaster — estimated at nearly $12 billion — which cut a path of destruction through one of the world’s most spectacularly beautiful destinations. More than 3,000 homes and other structures were damaged or destroyed, and thousands of residents were killed, injured or displaced.

Gov. Josh Green had pushed for a single global agreement among all the parties to litigation to swiftly compensate fire victims, rather than extending negotiations for years without payment. State officials had also hoped to ward off a potentially devastating financial hit to Maui County and the bankruptcy of Hawaiian Electric, which provides electricity for more than nine in 10 of the state’s residents on Oahu, Maui, Molokai, Lanai and Hawaii Island.

The wildfire that swept through the Lahaina area was thought to have initially been caused when a high wind snapped power lines, dropping them into dry grass. The settlement does not hold the utility company, Hawaiian Electric, legally liable, although they are picking up a good portion of the tab.

Under the proposed terms, which do not include any admission of liability, the utility is expected to pay a little less than half of the $4.037 billion settlement, $1.99 billion, a considerable amount but less than the potential $4.9 billion liability that the investment research firm Capstone estimated last year would most likely bankrupt the company.

“Achieving this resolution will allow all parties to move forward without the added challenges and divisiveness of the litigation process,” said Shelee Kimura, president and CEO of Hawaiian Electric. “It will allow all of us to work together more cohesively and effectively to support the people of Lahaina and Maui to create the future they want to see emerge from this tragedy.”

The priority, one should think, would be facilitating the rebuilding of homes and businesses in the area, which was left devastated in the wake of the fires. At the time, the response to the disaster by the state government and the Biden administration was the subject of much criticism.

Previously on RedState: Maui County Files Lawsuit for Negligence in Deadly Fire 

WATCH: Devastated Maui Resident Absolutely Demolishes Joe Biden

Hawaiian Electric announced in July that it may now shut off electricity pre-emptively when conditions warrant it, and began installing weather stations and video cameras equipped with artificial intelligence to detect wildfires. Dr. Green predicted that the company “will be able to invest more in safety and modernization” after the settlement is completed.

“But anyone who’s going to be our energy partner will have to live up to new standards,” Dr. Green said. “And that’s not cheap.”

Meanwhile, the recovery continues; this settlement will, hopefully, speed things along.