Cost Estimate to Reinforce Dutch Homes in Earthquake Zone of Groningen Field Increased to 30 Billion Euros

Reuters reported that the estimated cost to reinforce Dutch homes in the gas extraction earthquake zone at Groningen field has increased to at least EU$30 billion.

As quoted in the market news:

Gas extraction at the field, Europe’s largest, which reached more than 50 billion cubic meters last year, is causing increasingly stronger and more frequent earthquakes. The strongest was in 2013 and was 3.6 magnitude.

The report commissioned by the northern Dutch province increased the number of buildings in need of structural improvements to 152,000, up from an estimate of 90,000.

The report published by the Van Rossum research bureau on Monday said the estimated construction cost was 150,000-200,000 euros, more than the value most homes in the region.

A previous report estimated the cost at 6.5 billion euros to reinforce 90,000 buildings.

Click here to read the full Reuters report.