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Quake Damage in Chile Valued $15 Billion to $30 Billion at Eqecat

Source: Business Week

Posted on 01 Mar 2010

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The total economic damage caused by a magnitude 8.8 earthquake that struck Chile is $15 billion to $30 billion, according to estimates by catastrophe modeling company Eqecat Inc.

The preliminary estimate represents 10 percent to 15 percent of the South American country’s gross domestic product, Eqecat wrote in an e-mailed statement.

“While this constitutes a major disaster, Chile’s widespread adoption and enforcement of modern, seismic-resistant building practices has mitigated the potential for devastation,” it wrote. “While some buildings will have collapsed or suffered irreparable damage, Eqecat expects these to be a minority of the overall building stock.”