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around. Over the last year, the Chilean peso has fallen 12 percent against the U.S. dollar, which has risen in recent years as commodity prices in Latin America have plunged. Subscribe to RT newsletter to get stories the mainstream media won’t tell you, Firefighters try to extinguish a fire on a restaurant by the sea shore after a powerful 8.0-magnitude earthquake hit off Chile's Pacific coast, on April 1, 2014 in Iquique. The death toll looks set to rise, following reports that about 350 people died in the town of Constitucion alone. But it's the old buildings that suffered. Before growth was Create your own unique website with customizable templates. "It usually recovers in days or weeks.". areas. The earthquake triggered several giant waves that swept away thousands of houses. Most Popular Now | 56,514 people are reading stories on the site right now. This article appeared in the The Americas section of the print edition under the headline "Counting the cost", Sign up to our free daily newsletter, The Economist today, Published since September 1843 to take part in “a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress.”. Homes and infrastructure in towns and rural areas suffered serious damage. The quake affected nearly 75 percent of About 1.5 million homes have been damaged and police patrols have been stepped up to deter looters. Chilean President Michelle Bachelet said that two million people had been affected by the earthquake. In addition, the Chilean Treasury Department has announced that the 2010 national budget will be revised to finance the reconstruction. TERREMOTO #LaSerena Patio de comidas Mall de la Serena (@RodrigoVilchesM) @RoloHahn @reddeemergencia @biobio This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. March, faces a similar situation to her predecessor, Sebastian The quake, on Saturday morning, killed at least 300 people - 90% of them in their homes. Damage to lifelines was caused by strong ground shaking, permanent ground deformation, lateral spread, and a tsunami in the coastal areas of Bio Bio and Maule. Damage to fisheries alone was estimated at above $66 million. The city's new buildings seemed to have survived more or less intact. Brian Gendreau, a professor at the Warrington College of Business at the University of Florida, said reconstruction efforts often create jobs and carry potential to help boost struggling economies. Santiago's airport has reopened, with a total of five international flight due to arrive on Sunday. "I would expect the largest danger is to infrastructure, Tens of thousands forced to live outdoors because of damaged homes, Police in Concepcion move to stop looters robbing shops, Survivors rescued from collapsed Concepcion building, but dozens more unaccounted for, Officials say Santiago metro will soon be working and other transport returning to normal, Pacific-wide tsunami alert lifted after fears most of the region is spared high waves, The BBC is not responsible for the content of external internet sites, [an error occurred while processing this directive], How the world's oldest clove tree defied an empire, Why Royal Ballet principal Sergei Polunin quit, BBC News Updated every minute of every day, Watching for looters in the ruins of Talcahuano. Get our news on your inbox! Hinzpeter said consideration was being given to increasing taxes on mining companies, and Sen. Evelyn Matthei is pushing increased taxes on alcohol and cigarettes. Bachelet issued a television broadcast, seeking to assure citizens her government was closely examining the damage. At first it was ambivalent about calling for international help. Central Bank of Chile. The government's slow response and failure to maintain order were partly caused by its reliance not on old-fashioned radios, but on the internet and mobile telephones—both of which were knocked out by a power failure. experienced a significant investment slump. Worst hit were a string of towns and villages on the coast either side of Concepción, the country's second city, as well as the remote Juan Fernández islands. Since Wednesday, the country has experienced about 40 aftershocks, and a 5.5 magnitude tremor was reported Thursday morning off the coast of Coquimbo, a port city about 285 miles north of Santiago. Jobs are coming back in Canada, thanks to subsidies, How e-commerce works in the Amazon rainforest, The difficulty of doing good in Latin America. The catastrophic 8.8 quake that hit central Chile in 2010 killed The Pacific Tsunami Warning Center on Sunday lifted its Pacific-wide alert. Damage to sea ports will hurt the economy in the short-term and Earthquake damage in Chile could cost the country billions of dollars, a high price for a slowing economy dependent on exports. It is feared the damage may cost tens of billions of dollars. This week, the Department of PW created a committee to be in charge of the whole process. The world’s refined and raw copper and other raw materials, and less Hundreds of earthquakes have occurred along Chile's northern Chile has a long history of earthquakes and the authorities here know how to deal with them. $30 billion. The economic damage amounts to 18% of GDP. Chile provides nearly a third of the world’s copper. Exclusive Q and A with IBT's Social Capital team, The Possibilities AND the Pitfalls of Remote Work, 10 Of America's Top CEOs Talk with IBT's Social Capital About How To Be Authentic. namely ports and roads, which could obviously affect While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. According to the United States Geological Survey(USGS) the cities experiencin… Meantime the Chilean Public Works Department said that after coordinating help for families affected by the earthquake, the government is now focusing its efforts on three main areas: the reconstruction of main highways and bridges, the normalization of water delivery and the rebuilding of the country’s many industries that were destroyed or damaged. for the metal used for currency, electricity conductors, and in At some vineyards, storage tanks split open. The Chilean government has updated the death toll from the Feb. 27 earthquake, saying 700 people lost their lives during or following the quake. As of May 2010, the number of con- firmed deaths stood at 521, with 56 persons still missing (Ministry of In- terior, 2010). Early estimates indicate that the damages caused by the earthquake could cost Chile about US$30 billion, the equivalent of 15% of its GDP, but in Montes’ opinion, that … Its price has tumbled by about half since peaking in February 2011, down from $4 per pound to $2.50 per pound. About 90% of the historic centre of the town of Curico was destroyed. Read more. Read more. Before its latest problems, Chile was widely praised for its economic growth and political stability. Many people have packed up and left to stay with friends and relatives who are better off than they are. Copper, which makes up about 55 percent of Chile’s exports, is at a six-year low. It had been closed because of damage to the terminal and control tower. By March 3rd the deaths of over 800 people had been confirmed, but officials said that several hundred remained missing. Officials said public transport services were slowly returning to normal. A global trend in lower metals prices has hurt commodity Why did fewer die in Chile than in Haiti? A tsunami followed, fires broke out and many were left without power. The BBC is not responsible for the content of external sites. Top exports are There are 4,000 destroyed or badly damaged schools stretched out virtually the length of the country. Scientist predict that the impact … It will fall to Sebastián Piñera, a centre-right businessman who won January's presidential election, to lead the reconstruction. This week's earthquakes harked back to a devastating 2010 earthquake that killed 525 people in the south-central part of the country. © Autonomous Nonprofit Organization “TV-Novosti”, 2005–2020. The catastrophic 8.8 quake that hit central Chile in 2010 killed more than 500 people and was estimated to have cost upwards of $30 billion. analyst, told Reuters. will add extra pain. Nearly 24 hours after the quake struck, whole swathes of the city have no electricity and no running water. The rebuilding of the 14 destroyed hospitals alone will cost between 3.6 and 4 billion USD. affect the market for the country’s metals. Damage from that earthquake cost an estimated $30 billion… TV pictures also showed people removing goods from a supermarket in Concepcion, Chile's second city, despite efforts by police to clear the crowd with tear gas and water cannon. The streets of the capital, usually buzzing with activity on a summer weekend like this, are eerily quiet and dark. reported no damage to mines or workers. A local official talked of a “social earthquake”. A depreciating peso and inflation, coupled with low demand for Copyright © The Economist Newspaper Limited 2020. But at a time of economic malaise and general discontent with her government, a smooth recovery is likely to be a difficult yet important task. Tourists flock to 'Jesus's tomb' in Kashmir. Images have flooded out of Chile in recent hours showing destroyed shops, collapsed ceilings and massive flooding following an 8.3 magnitude earthquake off of Chile’s coast Wednesday that killed at least eight people and forced some 1 million people to evacuate. per pound on the London Metals Exchange and in 2012, traded at Chile earthquake of 2010 - Chile earthquake of 2010 - Reconstruction: The Chilean army dispatched more than 10,000 troops to the devastated areas around the epicentre to direct recovery operations and keep the peace the day after the quake. The slowing of China’s economy has had a domino effect on copper February 28, 2010: 6:29 PM ET. Chile’s national emergency service promptly ordered the evacuation of the coastal region, as well as nearby islands. It occurred on the subduction zone plate boundary at the Peru - Chile Trench where the oceanic Nazca Plate subducts beneath the continental South American Plate. Montevideo, November 10th 2020 - 15:08 UTC. pegged at 3.75-4.75 percent. Yet the country’s GDP has dwindled in the last few years. Together, the earthquake and tsunami were responsible for more than 500 deaths. The Mw 8.8 Chile Earthquake of February 27, 2010 mated to have experienced intensity VII or stronger shaking, about 72% of the total population of the country, including five of Chile’s ten largest cities (USGS PAGER). It can draw on some $11 billion in a sovereign fund, most of it saved by Ms Bachelet's government from windfall revenues from copper exports. infrastructure-related -the government rebuilt 500,000 homes and "It's going to be a very big task and we're going to need resources," he said. The victims included fishermen and farm workers—some of Chile's poorest people—as well as campers and backpackers who had been enjoying the last week of the country's summer holidays. All rights reserved. This week's earthquakes harked back to a devastating 2010 earthquake that killed 525 people in the south-central part of the country. A richer, better organised country fared less badly than Haiti. Long accustomed to natural disasters, Chile has plenty of emergency food rations, but aid started to reach the hardest-hit regions only three days after the quake.

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