Colombia’s president pegs early quake losses at US$9.6bil

President Abelardo De La Espriella of Colombia estimated the economic losses from last week's devastating earthquake in the country to be around 30 trillion pesos, or approximately US$9.58 billion, during a press conference in Bogota on Monday. The President highlighted that the losses comprise roughly 24.5 trillion pesos in damages to buildings and 5.5 trillion pesos in infrastructural harm.

De La Espriella acknowledged that these figures were provisional and could be adjusted as more information becomes available and the extent of the damage is evaluated in each region. The 7.4-magnitude earthquake toppled structures in various locations across western Colombia, including the major cities of Cali and Pereira, resulting in 280 fatalities, over 4,000 injuries, and 143 people still missing.

In contrast, neighboring Venezuela experienced estimated damage from recent earthquakes on June 24, which were valued at US$37 billion according to an initial assessment by the UN Office for Disaster Risk Reduction. This is the first major crisis for De La Espriella, who assumed office just days prior, as he now faces the daunting task of overseeing relief and reconstruction efforts.