Italy’s has
just experienced its most powerful earthquake (6.6 magnitude) since 1980,
leaving 20 injured and more than 15,000 homeless in and around the historic
city of Norcia. The earthquake has destroyed the homes of thousands of people,
many of whom are now taking shelter in tents and converted sports halls. The
disaster is the fourth earthquake which the region has experienced in the last
three months. This event will inevitably cost the town’s local government substantial
quantities of money, sums which had probably been allocated to other expenses. These
funds will be used for reconstruction and aid to affected individuals and
families. As of now, no information has been released regarding the amount of
money which will be devoted to this restoration work and to aid. The areas
affected are by no means industrial hubs, so the effects on production and GDP
will be minimal at most and non-existent at best. However, it will also be
interesting to see the amount of time, energy and resources which will be put
in restoring structures of cultural and historic significance in the town. One does
not know if the resources will be distributed equitably throughout the affected
areas – will they be given the amount of funding required to fully restore them,
or simply just enough as the town does not have much bearing on the economic
growth of the country?
In speaking
of the earthquake itself, one related consequence of the disaster is the
negative effects it had and continues to have on efficiency. Firstly, many of
the affected individuals are not able to be productive members of society in
terms of work and employment, having been made homeless and unable to go to
work. Additionally, the earthquake’s tremors were felt in Rome, prompting a
shutdown of the metro. So, not only were residents of Norcia unable to go to
work, but even some in the capital city were affected.
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