MOSCOW, August 25 (RIA Novosti) -Total losses from Sunday’s earthquake in northern California are likely to exceed $1 billion, according to United States Geological Survey (USGS) estimates using automated software.
“Economic loss is likely to be more than $1 billion,” USGS said, as cited by CNN Sunday.
EQECAT, a company that models catastrophe risk, estimated the region’s insured losses at $500 million to $1 billion in an interview with Bloomberg on Monday
The 6.1 magnitude earthquake struck northern California’s Napa valley early Sunday, injuring more than 120 people and damaging dozens of buildings. Six people, including one child are still in critical condition.
According to local media, the city has had to put out six major fires and respond to numerous gas and water leaks. More than 15,000 households currently remain without power.
The earthquake is considered the worst in the area since the 1989 Loma Prieta earthquake, which claimed 63 lives and caused $10 billion in damage.
