The presidential palace in Port-au-Prince lies in ruins, a victim of the massive Jan. 12 earthquake.
The damage caused by the earthquake in Haiti may be much worse than previously thought. While initial estimates put the cost of rebuilding at around $5 billion, a new study suggests the quake may have caused damage of close to $14 billion. —JCL
The New York Times:
The devastating earthquake that hit Haiti on Jan. 12 may have caused between $7.2 billion and $13.9 billion in damage, according to a study released Tuesday by a group of economists that surveyed the damage caused by 2,000 natural disasters over the last four decades.
The study showed that the cost of rebuilding could be far higher than initial estimates, which had hovered around $5 billion.
“These estimates are useful to put this event into perspective and to inform the international community of the enormity of the challenge that lies ahead in the task of reconstructing Haiti,” wrote the economists, Eduardo A. Cavallo, Andrew Powell and Oscar Becerra.