"This is just a preliminary figure," Alexander Khoroshavin added.
The earthquake, with a magnitude of 6.8 on the Richter scale, claimed four lives and 8,000 people lost their homes, with damage being caused to roads, bridges and power stations. The worst-hit town was Nevelsk, located 60km (37 miles) from the island's capital, Yuzhno-Sakhalinsk.
The governor also said that state funding and investment would now be needed to repair damage caused by the earthquake, adding that regional authorities have launched efforts to prepare a program for the social and economic development of Nevelsk.
In late September, the federal budget allocated 800 million rubles ($31.9 million) for the Sakhalin Region administration to deal with the consequences of the earthquake.