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Damage from Chile earthquake to range between $15-30 billion
WASHINGTON: The total value of economic damage caused by a massive earthquake suffered by Chile Saturday is likely to range between $15 billion-30 billion, a US risk modeling firm predicted.
The firm EQECAT said this amount equates to 10%-15% of Chile's real gross domestic product.
Damages in the state of Santiago are expected to exceed 50% of the total damages, according to the firm.
While the 8.8 magnitude quake constitutes a major disaster, Chile's widespread adoption and enforcement of modern, seismic-resistant building practices "has mitigated the potential for devastation," the firm noted.
WASHINGTON: The total value of economic damage caused by a massive earthquake suffered by Chile Saturday is likely to range between $15 billion-30 billion, a US risk modeling firm predicted.
The firm EQECAT said this amount equates to 10%-15% of Chile's real gross domestic product.
Damages in the state of Santiago are expected to exceed 50% of the total damages, according to the firm.
While the 8.8 magnitude quake constitutes a major disaster, Chile's widespread adoption and enforcement of modern, seismic-resistant building practices "has mitigated the potential for devastation," the firm noted.
