Damage from Chile quake to range between 15-30 billion

The total value of economic damage caused by a massive earthquake suffered by Chile on Saturday is likely to range between 15 billion and 30 billion dollars, a US risk modeling firm predicted.

The total value of economic damage caused by a massive earthquake suffered by Chile on Saturday is likely to range between 15 billion and 30 billion dollars, a US risk modeling firm predicted.

HT Image

The firm EQECAT said this amount equates to 10 per cent to 15 per cent of Chile's real gross domestic product.

Damages in the state of Santiago are expected to exceed 50 per cent 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.