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
Click here to get the latest news updates from Tempo on Google News
Over 19,000 Houses Damaged in NTT Quake: Here's the Detail
1 jam lalu
BPBD recorded that 19,297 houses have been damaged by the recent 7.7-magnitude earthquake, according to data releases this morning.
Which Countries Have Offered Help to Indonesia After M7.7 Flores Quake?
5 jam lalu
Words of condolences and offers to provide assistance have trickled in from the international community after 7.7 magnitude earthquake struck NTT.
M6.1 Earthquake Hits North Sumatra, No Tsunami Threat
5 jam lalu
BMKG said that the 6.1-magnitude tectonic earthquake in South Nias, North Sumatra, on Tuesday was caused by subduction activity.
M7.7 Earthquake Struck Nagekeo, BMKG Issues Tsunami Early Warning
13 jam lalu
BMKG issued a tsunami warning for coastal areas in NTT and nearby provinces after a magnitude 7.7 earthquake struck offshore from Mbay, Nagekeo.
Chinese Nationals Injured in NTT Quake, China Says
1 hari lalu
China's Ministry of Foreign Affairs confirmed that several Chinese citizens were injured in the 7.7-magnitude earthquake that struck Indonesia's NTT.
Indonesia: Thousands Await Aid After Earthquake Kills 68
1 hari lalu
Indonesia marked its Independence Day on Monday but celebrations have been overshadowed by an earthquake which has left over 60 people dead.
Will Prabowo Visit Earthquake-Hit NTT Soon?
1 hari lalu
Several ministers in Prabowo's administration were absent during the 81st Independence Day ceremony in Jakarta.
Indonesia's NTT Earthquake Death Toll Reaches 53
1 hari lalu
Indonesia's Disaster Management Agency has recorded a death toll of 53 following the magnitude 7.7 earthquake in East Nusa Tenggara (NTT).
Today's Top 3 News: Aceh Peace Day Celebration Descends Into Chaos
1 hari lalu
Here is the list of the top 3 news on Tempo English today.
EU Offers Satellite Support for Indonesia's Earthquake Rescue Efforts
2 hari lalu
EU offers Copernicus satellite support for search-and-rescue efforts after a magnitude 7.7 earthquake struck Indonesia's East Nusa Tenggara.
