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del.icio.usDiggRedditYahooMyWebGoogleFacebookWhat's this?

Big earthquake bad for business

Impact on the economy could rival
effects of Katrina, Bureau of Labor study says

By Julie Sevrens Lyons, MEDIANEWS
STAFF

Article Last Updated: 01/12/2008
02:43:07 AM PST

If the Big One
hits the Hayward fault anytime soon, the economic losses in
California could exceed those seen after Hurricane Katrina,
according to a federal report released Thursday.

While Katrina devastated New Orleans and parts of the Gulf
Coast in 2005, a major earthquake on the Hayward fault could
affect 20 percent more businesses and 22 percent more
employees, the U.S. Bureau of Labor Statistics determined.

An estimated 87,000 employers,

1.5 million jobs and quarterly wages approaching $25
billion are at risk, said Richard J. Holden, lead author of
the study.

"A magnitude 6.9 earthquake on the Hayward fault would be a
major disaster in the annals of disasters in the United
States," Holden said.

While some businesses would likely be unaffected, and
others would be closed for just an extended period of time,
many certainly would go bankrupt, Holden said. By analyzing
which businesses are located along the Hayward fault, the
researchers determined that the industries at greatest risk
during a major seismic event in the East Bay are health care,
manufacturing and educational services.

Scientists estimate that the fault has at least a 27
percent chance of producing a major quake by the year 2032 —
although some experts believe the odds could be double that.

Seismologists have found that the fault has experienced a
big earthquake roughly every 140 years, on average, since
1315. And last October marked year 139.

Julie

Advertisement

Sevrens Lyons can be reached at 408-920-5989.

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