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Could The Next Big Earthquake Rock The U.S. Economy
The 6.1-magnitude earthquake that shook the Napa region of northern California early Sunday morning left scores of people injured and early estimates of over $1 billion in damage.
But it could have been a lot worse. Many buildings in the region withstood the moderately strong quake with minimal or no damage. According to the National Institute of Building Sciences, about half of the nation's states and territories -- over 109 million people and 4.3 million businesses -- are "exposed to risks from seismic hazards."
The average direct costs of damages from earthquakes in the U.S. runs about $1 billion annually, while indirect business losses are thought to top $2 billion each year.
Beyond the immediate human costs and property damage, some fear that another major earthquake could spark a major economic setback to the affected region, or even nationally.
California has long been America's test lab when it comes to earthquake preparedness and mitigation. State and local researchers have pioneered a lot of the innovations in structural technology, as well as the regulations, that have helped to reduce the loss of both life and property during its many earthquakes.
In 1933, after a deadly earthquake devastated the Long Beach region, the state passed one of the nation's first comprehensive building safety codes, requiring more earthquake-resistant construction standards for schools. And in 1994, following the magnitude 6.8 earthquake centered under Northridge that rocked much of greater Los Angeles, the state required most of California's hospitals to be retrofitted against earthquake damage.
Read the full story: www.cbsnews.com
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