Do you think the epidemic is hurting the economy? Experts warn the “gigantic” will cost billions – Wetter Daily News

Southern California is already grappling with wildfires and a global pandemic, but a coalition of experts warned this week that a major earthquake could cause massive disruption to the area’s economy unless commercial buildings and apartments are earthquake-reinforced.

How big is the disorder?

University of Southern California researchers estimate that the eight-county region could experience property damage of $ 113 billion in a major earthquake, with additional business impacts of $ 68 billion or more.

At a press conference held Wednesday in Los Angeles – the 13th annual California Check Out Week – representatives from Optimum Seismic confirmed. , The California Earthquake Commission and other organizations on the importance of preparedness.

“When the big event strikes, the impacts on our infrastructure, our communities and our businesses will be profound,” said Evan Rees, Executive Director of the American Resilience Council. “We know earthquakes are inevitable in California, but they must not turn into disasters.”

Glenn Pomeroy, chief executive of the California Earthquake Authority, as state and Los Angeles region leaders gathered together during the California Great Shake Week to encourage companies and Angelenos to prepare to act now to improve resilience and reduce earthquake damage at the Los Angeles Chamber of Commerce, Wednesday, October 14, 2020 ( Photo by Keith Birmingham, Pasadena Star News / SCNG)

Ali Sahaby, Operations Director at Optimum Seismic speaks as state and Los Angeles region leaders gathered together during the Great California Shakeout Week to encourage companies and Angelenos to prepare to act now to improve resilience and reduce earthquake damage at the Los Angeles Chamber of Commerce on Wednesday October 14, 2020 (Photo by Keith Birmingham , Pasadena Star News / SCNG)

Voice

The exhibition will resume again

ASM. Adrien Nazarian, District 46 representative, as state and Los Angeles region leaders gathered together during California’s Great Shake Week to encourage companies and Angelino to prepare by working now to improve resilience and reduce earthquake damage at the Los Angeles Chamber of Commerce on Wednesday October 14, 2020 (Photo by Keith Birmingham and Pasadena Star News / SCNG)

Glenn Pomeroy, chief executive of the California Earthquake Commission, as state and Los Angeles region leaders gathered together during the California Great Shake Week to encourage companies and Angelenos to prepare to act now to improve resilience and reduce earthquake damage at the Los Angeles Chamber of Commerce, Wednesday, October 14, 2020 ( Photo by Keith Birmingham, Pasadena Star News / SCNG)

Tracy Hernandez, BizFed’s founding CEO, as state and Los Angeles region leaders gathered together during the California Great Rockets Week to encourage companies and Angelenos to prepare by working now to improve resilience and reduce earthquake damage at the Los Angeles Chamber of Commerce on Wednesday October 14, 2020 ( Photo by Keith Birmingham, Pasadena Star News / SCNG)

Ali Sahaby, Operations Director at Optimum Seismic speaks as state and Los Angeles region leaders gathered together during the Great California Shakeout Week to encourage companies and Angelenos to prepare to act now to improve resilience and reduce earthquake damage at the Los Angeles Chamber of Commerce on Wednesday October 14, 2020 (Photo by Keith Birmingham , Pasadena Star News / SCNG)

The big next?

Experts say it’s not a question of if – but when.

The USGS estimates that there is a 99% chance that another Northridge-sized earthquake will occur in California within the next 30 years. In 1994, a 6.7-degree Shaker left 60 dead, displaced more than 50,000, and resulted in losses of over $ 50 billion.

Even more exciting is the possibility of an earthquake of magnitude 7.5 or more in the next 30 years. Recent estimates put damage from a magnitude 7 earthquake on the Puente Hills Fault running through downtown Los Angeles at more than $ 252 billion, with thousands killed and hundreds of thousands homeless.

Widespread effects

Ali Sahaby, chief operating officer and co-founder of Optimum Seismic, a Vernon-based earthquake modification company, said the effects of a large earthquake could be far-reaching.

He said, “If companies stop operating because our buildings are damaged, people will not get jobs.” “People cannot put food on the table … They cannot pay their home loan payments. That is why it is so important that we draw attention to our business community.”

Sahaby said the earthquake strengthening only adds 2% to 3% to the total cost of a new building, and the cost of modernizing an existing building is almost the same.

Retrofit cost analysis

A recent report from Optimum Seismic and the US Resiliency Council provides a cost analysis for retrofitting a 10-unit one-story Los Angeles residential building built in the 1960s. The soft storey buildings feature open parking spaces on the ground floor with residential units built on top of them.

Assuming the value of each unit is $ 250,000, the total value of the building will be $ 2.5 million, and the modernization will cost $ 75,000, the report said. But this investment could save the owner $ 1.2 million in potential losses.

The Northridge Meadows apartment complex, which collapsed in the 1994 Northridge earthquake killing 16 people, was a thin-storey building.

Al-Sahaby said, “Companies must be prepared to pay attention.” “Seismic retrofits are not seen as an afterthought, but as part of business planning. Whether you are an owner or a tenant, you must know what kind of building you are occupying and what might happen.”

State Treasury Secretary Fiona Ma, who attended Wednesday’s event, said the recent earthquakes should bring the issue “to the fore”.

“Last month, we experienced a 4.5-magnitude earthquake here in Southern California, in addition to 20 small earthquakes in the Imperial Valley,” she said.

A new series of earthquake preparedness webinars for California companies was announced at the press conference Wednesday. The programs are sponsored by Optimum Seismic, in association with the Los Angeles Area Chamber of Commerce, the Los Angeles County Economic Development Corporation, BizFed, and the American Resilience Council.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

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