Ecuadorian president: Reconstruction following giant quake will cost 'billions of dollars'

Ecuadorian President Rafael Correa said on Monday it will cost "billions of dollars" to rebuild areas destroyed by Saturday's magnitude 7.8 earthquake, and the economic impact "could be huge."

At least 413 people are dead following the quake, which struck along the northwest coast of the country, and more than 2,600 are injured. Houses, roads, and bridges were destroyed, and residents in hard-hit cities are sleeping in the streets or the rubble of their homes. Exports of bananas, flowers, cocoa beans, and fish could be slowed down by crumbled roads and port delays, Reuters reports, and the death toll is expected to rise. The quake was the most destructive to hit Ecuador since a 7.7 magnitude temblor killed at least 600 and injured 20,000 in 1979.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up