Mexico has had:
2 earthquakes in the past 24 hours
15 earthquakes in the past 7 days
66 earthquakes in the past month
1533 earthquakes in the last year
Wow!
With such vulnerability to natural dissaters, Mexico has been forced to to prepare and take precautions in order to protect its citizens.
To be able to respond rapidly to disasters, Mexico recently launched a new US $315 million catastrophe bond, called MultiCat Mexico 2012. This is a flexible financial tool that provides quick insurance against earthquakes and catastrophes.
MultiCat Mexico 2012 was the third catastrophe bond that Mexico issued, and the second one under the World Bank Multicat Program. Thanks to Mexic's solid reputation in that catastrophe bond market and a growing investor base, this new bond achieved very competitive terms.
Once a disaster hits and Mexico has the money to respond, the next step is to use it effectively. The country has been focusing on building and improving a transparent and effective system to allocate resources for reconstruction and emergency response.
Mexico has made progress on prevention and risk reduction, which includes safe building codes and works on roads to improve resiliency when confronted with a potential catastrophe, but clearly there is still work ahead.
To be able to respond rapidly to disasters, Mexico recently launched a new US $315 million catastrophe bond, called MultiCat Mexico 2012. This is a flexible financial tool that provides quick insurance against earthquakes and catastrophes.
MultiCat Mexico 2012 was the third catastrophe bond that Mexico issued, and the second one under the World Bank Multicat Program. Thanks to Mexic's solid reputation in that catastrophe bond market and a growing investor base, this new bond achieved very competitive terms.
Once a disaster hits and Mexico has the money to respond, the next step is to use it effectively. The country has been focusing on building and improving a transparent and effective system to allocate resources for reconstruction and emergency response.
Mexico has made progress on prevention and risk reduction, which includes safe building codes and works on roads to improve resiliency when confronted with a potential catastrophe, but clearly there is still work ahead.
Sources:
http://earthquaketrack.com/p/mexico/recent
http://www.worldbank.org/en/news/feature/2012/11/20/strategy-to-prevent-and-manage-disaster-risks-Mexico
Because Mexico has so many earthquakes and is seismologically active it is good to know that they are taking action to prepare for a large earthquake. It is important for the safety of the citizens of their country. Canada is also making earthquake preparations. One of the ways is be creating a warning system. It is a 30-90 second warning which is not much time, but may be enough time to stop trains and help people take cover. They are putting sensors deep within the ocean floor near known fault zones. They have invested million of dollars into this.
ReplyDeleteHey Jared,
ReplyDeleteGreat post! It's interesting to read about a country that has been forced to take every possible earthquake precaution due to frequency of these hazards. Since my country, Germany, hasn't had even a moderate quake (>5) in the past 12 years it's incredible that Mexico has had 2 in the past 24 hours.
Very nice work. Unfortunately for the country, a lot of the riskiest area coincides with the country's densest population.. link below...Good that they are making an effort addressing this hazard..
ReplyDeletehttp://ontheworldmap.com/mexico/mexico-population-density-map.html
Hello Jared, as you may know Ecuador and Mexico are very close in location. Both regions are affected by earthquakes that result from a shift in the North American plate. 1533 earthquakes in the last year is amazing, I would have never expected that number. I would guess that some of these are very small and often times not always felt? In Ecuador, prevention and contingency efforts are the most effective way to protect people after a large earthquake. It is unfortunate that these quakes strike so suddenly, without anyone being aware beforehand.
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