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United States Geological Survey estimates earthquakes' economic losses are at least $1 billion

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Posted at 5:06 PM, Jul 08, 2019
and last updated 2019-07-08 20:06:19-04

RIDGECREST, Calif. — The Fourth of July weekend earthquakes rocked the region. Reports of homes on fire, buildings with structural damage, business inventory destroyed and roads covered by rockslides are some of the images forever in our memory.

First-reponders from around the state converged on the town of Ridgecrest to help battle the damage being done by Mother Nature. City, county and state leaders all visited to survey the damage.

The cost of the earthquakes in regards to the pain and suffering of those who lived through it can't be measured. The financial cost is another situation.

The United States Geological Survey (USGS) "issued a red alert for economic losses meaning that extensive damage is probable, and the disaster is likely widespread. Estimated economic losses are at least $1 billion, less than 1% of GDP of the United States. Past events with this alert level have required a national or international level response."

Closer to home, some residents affected by the earthquake may feel the economic impact in their own wallets. As 23ABC pointed out in a story earlier this week, some residents may be surprised that their homeowners or renter's insurance policy does not cover earthquake damages.

"What you need to understand is that you have to actually get another policy separate from your homeowners or your renters policy to cover earthquakes," said State Farm Insurance Agent James Banks.