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Italian quake damage estimate grows


economy

Italian quake damage estimate grows

Italy continues to count the cost of two earthquakes and multiple smaller aftershocks in the north of the country.

Around 2,000 farms suffered severe damage according to the agricultural lobby group Coldiretti.

At least 470 million euros will be needed to rebuild farm buildings and restore damaged irrigation systems.

Revised damage estimates for the agriculture sector alone are 705 million euros.

The region is famous for Parmesan cheese and losses there are expected to be 220 million, with balsamic vinegar makers losing another 15 million.

Giorgio Squinzi, the head of Confindustria, the industrial lobby said: “The area produces one percent of Italian GDP, and the earthquakes will mean we lose several fractions of a point of GDP growth.”

Confindustria says there was direct damage to around 6,000 industrial firms employing more than 12,000 workers which will be out of action for months.

It believes the cost to industry will be about two billion euros and the total cost at least double that.

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