Chile earthquake bill: US$4bn in reconstruction since 2010
Chile has spent US$4bn to rebuild homes, bridges, hospitals, roads and historic buildings following the earthquake and tsunami that battered the country four years ago.
La Tercera newspaper reported US$2.5bn was allocated to build nearly 222,000 homes, with 87% of the total now delivered and another 12% under construction or improvement.
Public works ministry MOP has spent US$598mn to recover about 1,500km of roads and 20 bridges that were cut off or otherwise damaged. Another US$144mn were allocated towards erecting temporary hospitals and local health centers.
An 8.8-magnitude earthquake and resulting tsunami struck on February 27, 2010 - one of the world's most powerful on record - killing nearly 150 people and leaving thousands homeless across central and southern Chile.
The quake and tsunami changed the agenda of President Sebastián Piñera, who took office only a few days after the disaster, forcing authorities to raise taxes to finance reconstruction efforts and reorganize priorities in ministries such as public works and housing.
Piñera had promised to finish all reconstruction efforts by the end of his tenure, which wraps up in two weeks. According to the housing ministry, 94% of reconstruction works has concluded, about 5% is still being carried out and 1% has yet to begin.
Reviewing reconstruction works sits atop President-elect Michelle Bachelet's infrastructure agenda once she takes office on March 11. Bachelet, who was president during the earthquake, was criticized for her role during the catastrophe, although she left the government with huge approval ratings.
Following the earthquake, insurers Swiss Re and Munich Re estimated damages would cost the insurance industry US$4bn-7bn. The event caused an estimated US$15bn-30bn in total losses to Chile's economy.
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