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On September 28, 2018, an earthquake struck central Sulawesi on the Minahasa Peninsula in Indonesia. Measuring a magnitude of 7.5, the resulting shocks plus an ensuing tsunami caused in excess of US$1.5 billion in damage. In 2023-24, that adds up to $1.8 billion, adjusted for inflation. But this is a relatively small sum compared with the economic price paid as a result of other, more powerful quakes.
The August 14, 2021, earthquake that struck Haiti was deadly. Measuring a magnitude of 7.2, the economic costs were in the region of US$8 billion, or $9 billion in 2023-24.
Striking the Mexican states of Puebla and Morelos and affecting the Greater Mexico City area, the 7.1 magnitude earthquake of September 19, 2017, caused US$8 billions-worth of damage, a figure more like $10 billion in 2023-24.
The series of earthquakes that hit Puerto Rico from the end of December 2019 and continued until January 2020 at one point measured 6.4 in magnitude. Total damage was in the region of US$3 billion, or nearly $4 billion in 2023-24 when adjusted for inflation.
Northern Algeria felt the full force of a 6.8 magnitude earthquake on May 21, 2003, which flattened the town of Thénia. Estimates put the damage at US$5 billion, around $8 billion in 2023-24.
A frightening 8.0 magnitude earthquake tore apart Mexico City on September 19, 1985, with damage estimated at US$5 billion, a figure that in 2023-24 would be more like $14 billion.
On October 10, 1980, a 7.3 magnitude earthquake severely damaged the Algerian town of El Asnam, the destruction estimated at US$5 billion. In 2023-24, that's more like $19 billion in costs.
The October 8, 2005, earthquake in Kashmir, India, measuring 7.6 magnitude, resulted in US$6 billions-worth of damage. That figure in 2023-24 equates to over $12 billion.
Significant damage totaling US$5 billion (nearly $6 billion in 2023-24) was caused when an earthquake struck near the Croatian town of Petrinja on December 29, 2020.
Another costly earthquake occurred on November 12, 2017, when a 7.3 magnitude quake rippled over the Iran-Iraq border to cause US$6 billion in damage. Adjusted for inflation, that's nearly $7 billion in 2023-24.
Also known as the Marrakesh–Safi earthquake, the Al Haouz quake struck on September 8, 2023, and measured a magnitude of 6.8. The financial cost was in the region of US$7 billion.
Estimates of damage in the region of US$8 billion, or $18 billion in 2023-24, followed the 7.4 magnitude earthquake that devastated the Manjil–Rudbar region of Iran on June 21, 1990.
A catastrophic magnitude 7.0 earthquake hit Haiti on January 12, 2010, and caused at least US$8 billion in damage. Adjusted for inflation in 2023-24, that's more like $11 billion.
On August 17, 1999, a powerful earthquake of magnitude 7.6 rocked Turkey's Kocaeli Province. The damage was estimated at US$6 billion, though an exact figure was never ascertained. Taking inflation into consideration, that figure is nearer $11 billion in 2023-24.
The deadliest earthquake in recorded history in terms of numbers dead (an estimated 300,000), the magnitude 7.6 Tangshan (China) earthquake of July 28, 1976, caused US$10 billions-worth of damage. That's $53 billion in 2023-24 when adjusted for inflation.
An estimated US$10 billions-worth of damage was the estimated financial cost of the earthquake that struck Nepal on April 25, 2015. Adjusted for inflation in 2023-24, that's around $12 billion.
The February 27, 2010, earthquake that struck Chile had a magnitude of 8.8, enough to do anywhere between US$15-30 billions-worth of damage. In 2023-24, that figure is more like $20-40 billion.
The horrific 2004 Indian Ocean earthquake and tsunami caused destruction on a massive scale. The magnitude 9.1-9.3 quake and subsequent tsunami left damage in the region of US$15 billion, or $24 billion when adjusted for inflation in 2023-24.
In May 2012, two earthquakes measuring 6.1 and 5.8 struck Italy's Emilia-Romagna region. The quakes left US$15 billion in damage, a figure that in 2023-24 is worth $20 billion when adjusted for inflation.
With its epicenter near the town of L'Aquila, the capital of Abruzzo region, the earthquake of April 6, 2009 was felt throughout central Italy. It measured a magnitude of 6.3 and caused US$16 billions-worth of damage, or $22 billion in 2023-24 figures.
On January 1, 2024, an earthquake measuring a magnitude of 7.6 caused widespread destruction across the Noto Peninsula of Ishikawa Prefecture, Japan. It left in its wake damage estimated at US$17 billion.
Centered on the village of Castelnuovo di Conza in southern Italy, the magnitude 6.9 earthquake that struck the country's Campania region on November 23, 1980, left in its wake US$20 billions-worth of damage, or $73 billion when adjusted for inflation in 2023-24.
The magnitude 6.9 earthquake that hit the Indian state of Sikkim on September 18, 2011, is estimated to have caused US$22 billions-worth of damage. Adjusted for inflation in 2023-24, that translates as $30 billion.
Damage in the region of US$28 billion was the result of the 6.8 magnitude Chūetsu earthquake, which occurred in Niigata Prefecture, Japan, on October 23, 2004. Twenty years later adjusted for inflation, that figure is nearer $45 billion.
Already weakened by a 7.1 magnitude quake that had struck New Zealand's South Island on September 4, 2010, the Christchurch earthquake of February 22, 2011, shook the city to its core. Measuring a magnitude of 6.2, it caused US$28 billions-worth of damage, around $56 billion in 2023-24 when adjusted for inflation.
The series of earthquakes that rocked the city of Kumamoto in Japan on April 16, 2016, included a 7.0 magnitude mainshock. Overall damage was estimated at anywhere between US$24-46 billion, or $30-58 billion in 2023-24, adjusted for inflation.
On January 17, 1994, an earthquake measuring a magnitude of 6.7 devastated the Los Angeles neighborhood of Northridge. The estimated cost of the disaster was US$40 billion, which adjusted for inflation in 2023-24 works out as $82 billion.
The Sichuan earthquake of May 12, 2008, caused damage in the region of US$150 billion. Measuring a magnitude of 8.0, the quake's epicenter was located near the Chinese city of Chengdu. Adjusted for inflation in 2023-24, the total cost rises to $212 billion.
The world's third costliest earthquake occurred on February 6, 2023, when a 7.8 magnitude earthquake struck southern and central Turkey and northern and western Syria. It caused US$163 billions-worth of damage.
The second costliest earthquake is what's known as the Great Hanshin earthquake. On January 17, 1995, Japan's Hanshin region was rocked by a 6.9 magnitude earthquake that caused damage estimated at anywhere between US$30-200 billion. Adjusted for inflation in 2023-24, that figure rises to $60-399 billion.
The costliest earthquake to date is that which struck Japan's Oshika Peninsula in Tōhoku region on March 11, 2011. With a magnitude of 9.1, the quake triggered a series of powerful tsunami waves. The historic cost of the disaster was US$235 billion. Adjusted for inflation in 2023-24, that equates to a staggering $320 billion.
Sources: (European Bank for Reconstruction and Development) (Economics Observatory)
See also: The most destructive tsunamis in history
The earthquake that struck off the coast of Fukushima in Japan on March 6, 2022, had a magnitude of 7.3, powerful enough to cause damage worth US$8 billion, which when adjusted for inflation is nearly $9 billion in 2023-24.
An earthquake invariably claims human lives, often in their tens of thousands. But a calamity of this type is also measured by the damage inflicted upon the economy. An earthquake can have a devasting long-term impact on a country's gross domestic output (GDP). It can inflict severe damage on infrastructure and buildings, and can halt the mechanisms of trade and industry in an instant. In fact, according to the European Bank for Reconstruction and Development, the aftermath of an earthquake poses a significant challenge for monetary policy, the financial aftershocks being felt for decades. Indeed, the costs involved in recovering from an earthquake can be seismic.
The economic impacts of earthquakes range between US$100 million and $100 billion, but it's those billion-dollar tremors that can literally send economies into freefall. So, what are some of the most expensive earthquakes in recent history?
Click through this gallery that lists billion dollar-plus quakes in descending order of their historic costs and the price paid adjusted for inflation.
What is the economic cost of earthquakes?
The billion-dollar quakes that devastated economies
LIFESTYLE Natural disasters
An earthquake invariably claims human lives, often in their tens of thousands. But a calamity of this type is also measured by the damage inflicted upon the economy. An earthquake can have a devasting long-term impact on a country's gross domestic output (GDP). It can inflict severe damage on infrastructure and buildings, and can halt the mechanisms of trade and industry in an instant. In fact, according to the European Bank for Reconstruction and Development, the aftermath of an earthquake poses a significant challenge for monetary policy, the financial aftershocks being felt for decades. Indeed, the costs involved in recovering from an earthquake can be seismic.
The economic impacts of earthquakes range between US$100 million and $100 billion, but it's those billion-dollar tremors that can literally send economies into freefall. So, what are some of the most expensive earthquakes in recent history?
Click through this gallery that lists billion dollar-plus quakes in descending order of their historic costs and the price paid adjusted for inflation.