Earthquake Damage Estimates Doubled: $14.7B In Annualized Losses

Earthquakes cause $14.7 billion in damages and related losses on an annualized basis in the U.S., according to an updated estimate from the U.S. Geological Survey (USGS) and the Federal Emergency Management Agency (FEMA).

The updated figure, which is twice that of the previous annual estimate, reflects increasing property values, and the inclusion of the latest hazards and improvements to building inventories in the report, according to the USGS.

‘This study reinforces the nation’s need to be proactive about making communities safer from threats like earthquakes,’ FEMA Deputy Administrator Erik Hooks said in a release. ‘This includes adopting the latest seismic building codes and investing in earthquake resilience projects.’

The agencies did note the new estimate represents a long-term average, and losses in a single year can be much smaller or larger.

The annualized loss estimate was derived by combining earthquake hazards, building exposure and vulnerability.