Colombia's president pegs early quake losses at $9.6 billion

The economic losses from a powerful earthquake that struck Colombia last week are expected to reach 30 trillion pesos ($9.58 billion), Colombia's President Abelardo De La Espriella said on Monday.

De La Espriella said the impact included roughly 24.5 trillion pesos in buildings and 5.5 trillion pesos in infrastructure.

"Just imagine the scale of the disaster," De La Espriella said, noting that the figures were likely to change. "This is a preliminary figure that will be adjusted as we obtain more information and as the damage caused by this earthquake is assessed in each of the regions."

The 7.4-magnitude quake toppled buildings in various parts of western Colombia, including the major cities of Cali and Pereira, killing 280 people, injuring more than 4,000, and leaving another 143 people missing.

By comparison, the earthquakes that struck neighboring Venezuela on June 24 caused damage to housing and infrastructure estimated at $37 billion, according to an initial assessment by the United Nations Office for Disaster Risk Reduction published last month.

The Colombia quake is the first major crisis facing De La Espriella, who took office just days before and now must oversee relief and reconstruction efforts.