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California Earthquake Damage Could Top $1 BILLION

The estimated economic losses from the earthquake in Napa Valley in northern California could top $1 billion- the “red alert” level, according to the United States Geological Survey (USGS).

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The 6.0 magnitude earthquake that struck the northern California coast Sunday morning left “extensive”and “widespread” damage, according to a report by the USGS. The results were automatically generated on Monday.

An unidentified woman walks past damage to a downtown building in Napa, California August 24, 2014.(Reuters / Jim Christie)

An unidentified woman walks past damage to a downtown building in Napa, California August 24, 2014.(Reuters / Jim Christie)

Under the “red alert” category, economic losses are less than one percent of US gross domestic product, but still require a national or international level response.

Governor Jerry Brown has declared a state of emergency and established a recovery fund for Napa. Local media reported that 15,000 homes are without power, and that city firefighters put out six major fires, and also tended to gas and water leaks. Six hundred households were without water.

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