Categories: Personal Finance

This Is What Extreme Weather Really Means For Taxpayers

Cost of Earthquake Disaster Recovery

Earthquakes cost the U.S. a pretty penny, as well. But the 1994 Northridge earthquake in Southern California was the costliest earthquake in U.S. history with an estimated $44 billion in property damage, according to the Insurance Information Institute.

More recent earthquakes that struck Napa, Vallejo, Solano, Sonoma and American Canyon in 2014 cost an estimated $700 million, while the earthquakes of April 2010 in California and Arizona cost $150 million.

The recent earthquakes in Mexico could cost upward of $2 billion. And, the magnitude of damage to cultural sites, homes and businesses could prompt many Americans to donate money to assist with reconstruction and repairs.

For example, Facebook donated $1 million to help victims of the earthquake in Mexico, and billionaire Carlos Slim donated $110 million for disaster recovery efforts. Celebrities Shawn Mendes and Salma Hayek donated $100,000 each and also kicked off crowdfunding efforts to raise more.

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