August 18, 2026 | 08:03 pm
TEMPO.CO, Jakarta - Economic losses caused by the devastating earthquake that struck Colombia are estimated at 30 trillion pesos, or approximately US$9.58 billion, according to Colombian President Abelardo de la Espriella.
"Modeling conducted by a private company indicates that direct physical losses in the regions of Chocó, Valle del Cauca, Risaralda, Quindio, and Caldas are estimated at approximately 30 trillion pesos. This figure includes 24.5 trillion pesos in damage to buildings and 5.5 trillion pesos in damage to infrastructure," de la Espriella said in his official address to the public.
The President emphasized that this figure is preliminary and will be adjusted as surveys continue in the affected areas.
The most severe damage was recorded in the Chocó Department, which will be the government's primary focus.
To coordinate the recovery process, the government will establish a Milagro Fund tasked with implementing an integrated recovery plan.
In its formation, de la Espriella plans to adopt the experience of the Forec Fund, which was successfully established after the devastating earthquake in the Coffee Belt region in 1999.
The recovery process will involve various parties, from construction companies, the financial sector, the insurance industry, to governors and mayors in the affected areas.
The Colombian President urged the construction industry to actively participate in repairing residents' homes and asked banks to lower interest rates so that affected families can rebuild or purchase new homes.
For families who lost their homes, the government promised rental subsidies, electricity and water bill reductions, and programs to build new homes and repair damaged homes.
Read: When the Earth Moves: Six Major Earthquakes of 2026
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