■ Earthquake hazards
In the 20 years from 2004 to 2023, earthquakes caused more than 700,000 deaths worldwide. That’s well over half the total death toll from natural disasters (defined in Box 1) of all kinds during that period. The estimated cost of repairing damage done by these earthquakes is $650 billion from a total natural disaster repair bill of just over $3 trillion for the period. The earthquake costs take no account of the interruption to productive economic activity nor of the social costs of the grief and hardship suffered — but no matter how the costs are worked out, it is undeniable that earthquakes can cause immense damage.
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