Government Report – Earthquakes Cost the United States $14.7 Billion Annually

The United States Geological Survey has released a joint report with FEMA stating that “earthquakes cost the nation an estimated $14.7 billion annually in building damage and associated losses,” nearly twice the previously published 2017 estimate.

While there are some positive trends in the report, such as the western United States’ annual estimated earthquake loss ratios decreasing since 2017 due to improvements in building resiliency, overall “earthquake risk continues to outpace the seismic mitigation efforts” in the rest of the country. The West Coast remains the region with the highest risk, but the central United States, the Rocky Mountain region, Alaska, Hawaii, Puerto Rico, and the Virgin Islands are also regions where severe damage can be done. FEMA continues to urge communities to adopt updated seismic building codes and to invest in earthquake resilience projects. Read more at the USGS.