Earthquakes cause $14.7 billion in annual losses, the USGS reports

An earthquake-damaged building in Napa, California, US, on Sunday, August 24, 2014. (Credit: David Paul Morris/Bloomberg)

Earthquakes cause $14.7 billion in damage and losses on an annual basis in the United States, according to an updated estimate from the United States Geological Survey (USGS) and the Federal Emergency Management Agency (FEMA).

The updated figure, double the previous annual estimate, reflects increasing property values, and the inclusion of the most recent hazards and improvements in 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 Director Eric Hooks said in a statement. “This includes adopting the latest seismic building codes and investing in earthquake-resistant projects.”

The agencies note that the new estimate is a long-term average, and losses in one year can be much smaller or much larger. The annual loss estimate was derived by combining earthquake risk with building exposure and vulnerability.

The report from the USGS and FEMA also noted that recent earthquakes have led to more losses due to four factors:

Significant growth in earthquake-prone urban areas. Higher contributions from non-structural damage, content and functional losses. Twice the obsolete building stock. The report specifically refers to poorly designed, ductile (lack of elasticity) and unreinforced buildings. Increased interdependence between supply and demand for firms operating globally, which results in an economic impact outside the area of ​​direct earthquake damage. The West Coast sees most of the losses, but the danger is spreading nationwide

California, Oregon and Washington account for 78% of national annual earthquake losses, with California accounting for about 65% of the losses alone, according to the USGS.

While the West Coast states see the most earthquake-related losses, annual earthquake loss rates have consistently decreased across the western US compared to estimates produced in 2001, 2008, and 2017. This decline indicates that efforts to reduce Buildings are endangered by modern earthquake laws and earthquake engineering research. As such, older buildings continue to bear a lot of risk in earthquake loss estimates.

In addition, the USGS notes that earthquake hazards are spread throughout the country. Across the central United States, the Rocky Mountain region, Alaska, Hawaii, Puerto Rico, and the Virgin Islands, there are combined projected annual losses of $3.1 billion, the USGS gives as an example.

“Total earthquake risk continues to outpace our country’s earthquake mitigation efforts,” Kishore Jaiswal, a research civil engineer with the USGS, said in a statement. “In addition to better new buildings, more attention can be given to improving earthquake risk and hazard research aimed at cost-effectively identifying and retrofitting structures at risk.”

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