Colombia earthquake causes $9.5 billion in losses; family of four killed in Mexico attack

Colombia is grappling with the aftermath of a powerful magnitude 7.4 earthquake that struck its western regions, causing widespread destruction and an estimated $9.57 billion in preliminary economic losses. President Abelardo de la Espriella announced the staggering figure, based on an initial study by BBVA bank, which projects direct material damages to be between $6.38 billion and $9.57 billion.

The seismic event toppled thousands of homes, office towers, schools, and hospitals, particularly impacting cities in the Pacific and coffee-growing regions. The current death toll stands at 304, with 4,548 individuals injured. Mario Pardo Bayona, president of BBVA in Colombia, noted the significant impact on infrastructure and housing, while describing the effect on economic activity as "more moderate." The bank anticipates economic recovery within six to nine months, though affected regions might experience a GDP drop of up to 4%.

In response to the tragedy, Colombia has secured substantial aid from countries like the United States and international organizations such as the World Bank. BBVA itself has pledged two million euros. President De la Espriella plans to declare an economic emergency to expedite aid distribution and has outlined a reconstruction plan.

Furthermore, the president has appealed to the United States for a temporary suspension of tariffs to alleviate the national economy. This request was reiterated in a call with Secretary of State Marco Rubio. The Colombian Minister of Commerce, Mauricio Gómez, is scheduled to travel to Washington to engage in tariff negotiations, a process President De la Espriella acknowledged requires specific procedures but expressed confidence in U.S. government support.