The economic damage from the Nepal earthquake is almost half of the country’s GDP


Originally posted on Quartz:

The initial estimates of the economic damage caused by the April 25 earthquake in Nepal are in—and the numbers are staggering.

The overall damage is estimated to be at about $10 billion, according to the Nepal government—nearly half of its gross domestic product (GDP) of $19.2 billion. According to IHS Global Insights, a research firm, the estimated cost for rebuilding homes, roads and bridges alone could run up to $5 billion.

For Nepal—one of the poorest countries in the world—rebuilding its ravaged economy will be particularly difficult after it suffered years of slow growth.

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The country’s finance minister, Ram Sharan Mahat, said earlier this week that Nepal urgently needs short-term funding, while the government begins work on chalking out a long-term plan.

The Nepal Economic Forum (NEF), an economic and policy research organisation, reported that the earthquake damaged 14 hydropower projects out of the at least 23 operational ones. This means a…

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Another major earthquake has hit Nepal


Originally posted on Quartz:

This post will be updated as more information becomes available.

A little over two weeks after a massive earthquake-ravaged Nepal, the struggling Himalayan nation has just been hit by another big 7.3 magnitude quake.

The quake struck at about 12.30 pm local time on May 12, 76 km northeast of the capital city of Kathmandu, near the country’s border with China, according to the United States Geological Survey. Tremors were felt across eastern and northern India.

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With more than 8,000 dead and thousands more injured after the 7.8 magnitude earthquake hit on April 25, Nepal is already grappling with its worst natural disaster in decades.

Meanwhile, aftershocks—some as big as 6.3 magnitude—are continuing to hit. Here’s a map from the USGS, updated at 1.50 pm local time:

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Journalists in the area tweeted that locals rushed out of their houses as the tremblor hit.

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