Categories: Personal Finance

Here’s how much extreme weather costs taxpayers

The Cost of Earthquakes

Earthquakes cost the U.S. a pretty penny, as well. The 1994 Northridge earthquake in Southern California was the costliest earthquake in U.S. history with an estimated $44 billion in damages when adjusted for inflation, according to the Insurance Information Institute. More recent California earthquakes that struck Napa, Vallejo, Solano, Sonoma and American Canyon in 2014 cost about $700 million, and the 2017 earthquakes in Mexico cost approximately $6 billion.

The magnitude of damage to cultural sites, homes and businesses has prompted many Americans to volunteer and donate money to disaster relief. For example, Facebook donated $1 million to the Red Cross to help victims of the earthquake in Mexico.

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