Chile Evaluates Quake Damage

Global Business

Chile may have one of the region’s most dynamic economies, but it has to factor in the cost of its geography. The aftershocks from Tuesday night’s earthquake continue to be felt, posing problems for the local and national economy. Joel Richards reports on the estimated damage.

In northern Chile, another strong aftershock late on Wednesday causes more difficulties for the community locals are still without basic provisions. There is no money in ATMs. President Michelle Bachelet had to be evacuated from the region.

In the capital Santiago, the media reports minute by minute, as the aftermath of Tuesday night’s earthquake unfolds.

Chile lives with the uncertainty of more earthquakes. The north of the country is the mining capital. Chile leads world copper production, and the metal contributes 20% to its gross domestic product. While mining has been largely unaffected, many transport links are down, pushing up world copper prices.
In 2010, there was the human tragedy– with more than 500 people killed. Damages cost an estimated 30 billion US dollars. Hundreds of thousands lost their homes. This tower block in central Santiago is still unoccupied, residents forced to leave as the building crumbled.

One of the major problems facing the capital was damage to infrastructure. The bridge behind me links the airport to the eastern part of the city. It collapsed completely, with fatalities, and took years to rebuild.

Next to the bridge is a memorial, a reminder from 2010. And the concern across the country, but especially in the north, is whether there is another stronger quake yet to come.

Chile’s economy continues to grow, and with it, its major cities like Santiago build upwards. There are strict guidelines for the construction sector, because the question here is not if there will be more quakes, but when they will happen.

Chile Evaluates Quake Damage

Chile Evaluates Quake Damage

Chile may have one of the region's most dynamic economies, but it has to factor in the cost of its geography. The aftershocks from Tuesday night's earthquake continue to be felt, posing problems for the local and national economy. Joel Richards reports on the estimated damage.
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Eric Farnsworth, Vice President of the Council of the Americas, tells CCTV America the aftermath and the state of the Chilean economy.

Earthquake Aftermath on Chilean Economy

Earthquake Aftermath on Chilean Economy

Eric Farnsworth, Vice President of the Council of the Americas, tells CCTV America the aftermath and the state of the Chilean economy.
Download Video