The damage could amount to 17 billion ISK
The total value of insured property in Grindavík was estimated at over 150 billion ISK when the disaster began in November. mbl.is/Árni Sæberg
Estimated total damage to structures in Grindavík could amount to up to 16-17 billion ISK. Natural disaster insurance has assessed the damage to residential buildings in Grindavík at 6.5 billion. Still, it has yet to complete the assessment of damage to infrastructure such as utilities, port facilities, and commercial buildings.
This was stated in the case of Jón Örvar Bjarnason, the major insurance division of Natural Catastrophe Insurance, at a seminar on earthquake risk in Iceland held by the Association of Icelandic Engineers.
Infrastructure assessment to be completed
The total value of insured properties in Grindavík was estimated at over 150 billion ISK when the disaster began in November. The damage to residential buildings amounts to almost 6.9 billion.
The largest part, 6.5 billion, is due to damage to residential property, 240 million is personal property, and over 100 million is due to part of the damage to infrastructure.
He says that the assessment of utility systems, port infrastructure, and valuable real estate such as industrial premises has yet to be completed.
The land shifts and breaks the houses
"We are getting a lot of total damaged houses where the structure breaks and is damaged where they are standing close to the cracks. It is not the shaking that breaks them, but the warping and deformation of the land that causes them to break and get damaged.
All properties that were damaged have been inspected, but the final assessment in all cases is not yet available. The figure of 6.9 billion is going to rise as the damage to utility systems, port infrastructure, streets, and commercial buildings has not yet been assessed. The total amount could reach 16-17 billion, with the proviso that nothing new appears or happens."
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