Colombia Earthquake Reconstruction Could Cost US$12.9 Billion and Take Up to Six Years
Colombia's national planning department has put the earthquake rebuild at up to COP 40 trillion, about US$12.9 billion, over five to six years. It is the first institutional estimate, and it tops the president's own figure by a third. The post Colombia Earthquake Reconstruction Could Cost US$12.9 Billion and Take Up to Six Years appeared first on The Rio Times .
The Colombian government estimates that earthquake reconstruction could cost up to US$12.9 billion and take up to six years, according to the national planning department (DNP). The official figure, released on 19 August, is 2.16% of Colombia's annual economic output. The DNP's director, Julián Buitrago, points out that the damage is far greater than in the 1999 earthquake, which was rebuilt in two to three years.
He believes that today's damage necessitates a longer timeframe. The reconstruction effort covers not only buildings but also infrastructure, with the DNP estimating about US$9.8 billion for the latter. President Abelardo de la Espriella initially cited US$9.7 billion for reconstruction, split between buildings (US$8 billion) and infrastructure (US$1.8 billion), but the DNP's number is third higher.
The reconstruction project is viewed as a decade-shaping endeavor, with the full damage survey still incomplete and the government's ability to raise and spend funds contingent on the emergency decree, which has not been published yet.
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