SAN JUAN, Puerto Rico — Earthquakes cost the nation an estimated $14.7 billion annually in building damage and associated losses according to a new report released jointly today by the U.S. Geological Survey and the Federal Emergency Management Agency at the annual Seismological Society of America meeting.
The new estimate is twice that of previous annual estimates due to increased building value and the fact that the report incorporates the latest hazards as well as improvements to building inventories.
“It is fitting that this report was released on the same date as the Great 1906 San Francisco Earthquake,” said. “It’s a sobering reminder about why we need to prepare for those rare but large earthquakes, as just one major event can eclipse the costs of the more frequent but smaller ones.” “The overall earthquake risk continues to outpace the seismic mitigation efforts in our country,” said. “In addition to better new buildings, further attention could be given to improving earthquake-hazard and risk research targeted at identifying and cost-effectively retrofitting existing vulnerable structures.”
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