Greece: Earthquakes with the Highest Economic Damage, by location
EarthquakeDamage,
in million USD
Greece, Turkey (2014)4,500
Athens (1999)4,200
Athens-Eastern Gulf of Corinth (1981)812
Aiyion, Eratini (1995)660
Grevena-Kozani, Thessaloniki, Yugoslavia (1995)450
Kefalonia (2014)250
Lixouri-Argostoli (Kephallenia, 1953)178
Southern Greece (1966)100
Tyrnavos, Larisa (2021)14
Alonisos, Skopelos (1965)10
  • Region: Greece
  • Time period: 1950 to 2023
  • Published: 2023

Data Analysis and Insights

Updated: Apr 6, 2024 | Published by: Statistico

Economic Impact of the Greece, Turkey Earthquake in 2014

The Greece, Turkey earthquake in 2014 stands as the most economically devastating event, with damages amounting to $4,500 million USD. This figure not only surpasses other events in the dataset but does so significantly, indicating a major impact on both countries' economies and possibly the need for substantial recovery efforts.

Comparison of Athens Earthquakes

Athens has experienced two major earthquakes, in 1999 and 1981, with economic damages recorded at $4,200 million USD and $812 million USD, respectively. The stark difference in damages highlights the varying severity and impacts of earthquakes even within the same geographical region over time.

Economic Damages Across Decades

Economic damages from earthquakes in Greece have shown significant variation, from as low as $10 million USD in Alonisos, Skopelos (1965) to as high as $4,500 million USD in Greece, Turkey (2014). This range indicates the unpredictable nature of earthquake impacts on economic infrastructures over the years.

Frequency and Impact of Earthquakes in the 1990s

The 1990s were marked by multiple significant earthquakes in Greece, with the Grevena-Kozani, Thessaloniki, Yugoslavia, and Aiyion, Eratini earthquakes in 1995 causing combined damages of $1,110 million USD. These events underscore the decade's susceptibility to high-impact earthquakes.

Recent Economic Losses Due to Earthquakes

The most recent earthquake in Tyrnavos, Larisa, in 2021, resulted in comparatively minimal economic damage of $14 million USD. This contrasts sharply with the damages from the 2014 earthquakes, suggesting variations in earthquake severity and perhaps improvements in infrastructure resilience over time.

Economic Resilience and Recovery Over Time

The economic damages from earthquakes in Greece have fluctuated widely, from the $178 million USD damage in Lixouri-Argostoli (1953) to the $450 million USD in Grevena-Kozani, Thessaloniki, Yugoslavia (1995). This variance might reflect changes in economic valuation, infrastructure development, and disaster preparedness strategies over the decades.

Frequently Asked Questions

What was the economic impact of the Greece, Turkey earthquake in 2014?

The Greece, Turkey earthquake in 2014 caused economic damages amounting to $4,500 million USD.

What was the range of economic damages from earthquakes in Greece?

Economic damages from earthquakes in Greece have ranged from $10 million USD in Alonisos, Skopelos (1965) to $4,500 million USD in Greece, Turkey (2014).

What were the economic damages from recent earthquakes in Greece?

The most recent earthquake in Tyrnavos, Larisa, in 2021, resulted in economic damages of $14 million USD.

Terms and Definitions

An earthquake is a sudden and violent shaking of the ground, often caused by movement within the earth's crust or volcanic activity. This geological phenomenon is characterized by seismic waves that shake the earth's surface, causing potential damage to structures and habitats, and even loss of life.

Seismic waves are the energy waves that travel through the earth during an earthquake. They include primary waves (P-waves), secondary waves (S-waves), and surface waves. Their magnitude and intensity cause the destructive effects observed during and after an earthquake.

The epicenter is a term used in seismology to describe the point on the earth's surface directly above the focus (or hypocenter) of an earthquake, where the seismic waves first reach the surface. It is often the area most affected by the earthquake.

Magnitude is a measure of the size or energy released by an earthquake at its source. The most common scale used to measure earthquake magnitude is the Richter scale, though others like the moment magnitude scale (Mw) are also used. Larger magnitudes often result in more widespread and destructive earthquakes.

The Richter Scale is a logarithmic scale used to measure the magnitude of earthquakes in terms of energy released. The scale was developed by Charles F. Richter in 1935, and earthquakes above 5 on this scale can cause significant damage.

Economic damage refers to the financial cost resulting from a disaster or event, such as an earthquake. This includes direct and immediate costs such as infrastructure damage, as well as indirect and longer-term financial impacts related to disruptions in trade, decreased productivity, and the cost of recovery and rebuilding.

Seismology is the scientific study of earthquakes and the propagation of elastic waves through the Earth. It involves interpreting data from seismic activity to predict future earthquakes, understand the Earth's internal structure, and aid in resource exploration.

Seismic hazard assessment refers to the process of determining the likelihood of earthquake occurrence in a particular area, usually over a specific timeframe. It is valuable for planning and preparedness, including building codes and disaster response planning.
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