MSGID: 1:317/3 6442117a   
   PID: hpt/lnx 1.9.0-cur 2019-01-08   
   TID: hpt/lnx 1.9.0-cur 2019-01-08   
    New USGS-FEMA report updates economic risk from earthquakes    
      
     Date:   
         April 20, 2023   
     Source:   
         Seismological Society of America   
     Summary:   
         Even though most of the economic losses are concentrated in   
         California and along the West Coast due to that region's high   
         seismic hazard levels, significant population, and building   
         exposure, earthquake risk is spread throughout the country. For   
         example, there is a combined $3.1 billion per year in projected   
         losses across the central U.S., Rocky Mountain region, Alaska,   
         Hawaii, Puerto Rico and the Virgin Islands.   
      
      
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   FULL STORY   
   ==========================================================================   
   Earthquakes cost the nation an estimated $14.7 billion annually in   
   building damage and associated losses according to a new report released   
   jointly today by the U.S. Geological Survey and the Federal Emergency   
   Management Agency at the annual Seismological Society of America meeting.   
      
      
   ==========================================================================   
   The new estimate is twice that of previous annual estimates due to   
   increased building value and the fact that the report incorporates the   
   latest hazards as well as improvements to building inventories.   
      
   Earthquake losses from the last few decades in the U.S. have ranged   
   about $1.5- $3 billion per year depending upon the timeframe. While less   
   than the figures suggested by long-term loss estimates from this study,   
   a single large earthquake impacting a populated urban area would quickly   
   make up the difference in losses in one fell swoop.   
      
   "It is fitting that this report was released on the same date as the Great   
   1906 San Francisco Earthquake," saidDavid Applegate, USGS Director. "It's   
   a sobering reminder about why we need to prepare for those rare but large   
   earthquakes, as just one major event can eclipse the costs of the more   
   frequent but smaller ones."  Compared to previous estimates in 2001,   
   2008, and 2017, the annualized earthquake loss ratios have consistently   
   decreased throughout the western U.S., indicating that the work being   
   done to reduce building vulnerability has proven successful. Although new   
   construction benefits from modern seismic codes and the latest science   
   and earthquake-engineering research, vulnerable older buildings continue   
   to bear much of the underlying risk seen in the loss estimates.   
      
   "The overall earthquake risk continues to outpace the seismic mitigation   
   efforts in our country," said Kishor Jaiswal, USGS research civil   
   engineer. "In addition to better new buildings, further attention could   
   be given to improving earthquake-hazard and risk research targeted   
   at identifying and cost- effectively retrofitting existing vulnerable   
   structures."  Understanding how much earthquakes could cost the U.S. is   
   a priority of the National Earthquake Hazards Reduction Program and is   
   critical for informing decisions about mitigation policies, priorities,   
   strategies and funding. USGS science on earthquake hazards and FEMA's   
   latest Hazus 6.0 loss-estimation software release were critical components   
   of this analysis.   
      
   "This study reinforces the nation's need to be proactive about making   
   communities safer from threats like earthquakes," said FEMA Deputy   
   Administrator Erik Hooks. "This includes adopting the latest seismic   
   building codes and investing in earthquake resilience projects. FEMA   
   remains committed to supporting communities across the nation through   
   our various programs to reduce vulnerability not just to earthquakes   
   but all natural hazards."  Even though most of the economic losses are   
   concentrated in California and along the West Coast due to that region's   
   high seismic hazard levels, significant population, and building exposure,   
   earthquake risk is spread throughout the country. For example, there is   
   a combined $3.1 billion per year in projected losses across the central   
   U.S., Rocky Mountain region, Alaska, Hawaii, Puerto Rico and the Virgin   
   Islands.   
      
   This reinforces the fact that earthquakes are a national problem.   
      
   Annualized loss -- the metric that seismologists used in the report   
   -- is derived from combining earthquake hazards, building exposure,   
   and vulnerability, and thus it represents a long-term average. The   
   Annualized Earthquake Loss Ratio expresses the estimated annualized loss   
   as a fraction of the building-inventory replacement value.   
      
   The new estimate includes a significant nationwide effort to improve   
   earthquake-hazard data and the baseline building-exposure data now valued   
   at $107.8 trillion that benefited from the U.S. Army Corp of Engineers   
   National Structure Inventory.   
      
       * RELATED_TOPICS   
             o Earth_&_Climate   
                   # Earthquakes # Natural_Disasters # Tsunamis #   
                   Environmental_Policy   
             o Science_&_Society   
                   # Disaster_Plan # Social_Issues # STEM_Education #   
                   Urbanization   
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   ==========================================================================   
   Story Source: Materials provided by   
   Seismological_Society_of_America. Note: Content may be edited for style   
   and length.   
      
      
   ==========================================================================   
      
      
   Link to news story:   
   https://www.sciencedaily.com/releases/2023/04/230420110151.htm   
      
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