Albania Earthquake damage costs set to exceed $100 million

Total economic losses from the earthquake that struck central and northern Albania on November 26 are likely to be significant with the United States Geological Survey (USGS) citing a 68 percent probability of damage costs exceeding $100 million, including a 33 percent chance of losses exceeding $1 billion.

The Impact Forecasting Weekly Cat Report from professional services firm Aon states that, with damage assessments still ongoing, local government officials confirmed 50 fatalities; there were at least 24 fatalities in Durrës, 24 in Thumana and 2 in Kurmin. Additionally, at least 2,000 people received medical treatment; of this total 790 were hospitalized in local hospitals, the were treated in emergency camps in Durrës and Tirana.

Extensive relief operation rescued dozens of people from the rubble. Preliminary reports indicated that the town of Durrës on the west coast of Albania suffered widespread damage with several multi-story structures completely destroyed, including at least two hotels. In Tirana, no fewer than 50 people were injured. The devastation on Albania prompted internarial help shortly after the event, including rescue teams from Italy, Greece, Croatia, Kosovo, France, Turkey, Romania, and Switzerland.

“The magnitude-6.4 tremor additionally resulted in shaking that was felt in neighbouring countries and prompted international aid,” stated the report. “Widespread damage was noted across Albania, particularly in hardest-hit Durrës County.”