Economic Impact of Earthquakes & Families First

The Salt Lake Valley sits atop geological faults and will be catastrophically impacted by a quake 7.0 or higher. We have been warned by experts who look at the big picture such a major event will have severe economic consequences that will reverberate in and beyond our valley.

There would be direct losses amounting to tens of billions including the losses from the fires it would trigger.  Business disruptions caused by damage to structures, power, water and all forms of transportation would throw the total loss higher...

So many of our homes and buildings do not meet current codes and would be destroyed at worst and damaged at best.  Even buildings that do meet the current building codes may not be usable after a quake.

Earthquake engineers often site the experiences of Christchurch, New Zealand, because they have similar conditions that affect our valley.  None of their modern buildings collapsed, but the central business district was closed down for five years due to the danger of damaged buildings falling. Just imagine! 1,800 buildings have been torn down in their locale.

Few of our buildings meet current standards that make them earthquake resilient (not earthquake proof).  Few are covered by earthquake insurance. 

Post earthquake, where will people work?  Will they stick it out, wait to see if their employment is going to survive, or look for new work?  How many will pick up and leave?  It is often pointed out that following the San Fernando earthquake of 1971 and the Northridge earthquake of 1994 tens of thousands of people left CA to start over somewhere else.

Without employees and customers, businesses will fail left and right. 

So, we can safely say, such an event would affect our local and state economy. 

Businesses that take preparing seriously and have a practiced plan in hand, will have a far better chance to recover – if not in the short-term, in the long-term. 

How long can a company survive without accounts payable flowing in?  How long can even loyal employees wait for paychecks to resume.  How long will customers and clients wait before looking elsewhere for products and services. 

A word about workplace loyalty --  just remember for most of us:  Families Come First.  There certainly is no shame in that.  But it does point to the need for employers to take the lead in making sure their employees and their families are effectively prepared at home, with the essentials they need -- in the event they have to: evacuate on-foot; by auto; or, shelter-in-place with little or no access to purchase or otherwise acquire essentials. 

Family survival, for most, is dependent upon a steady, uninterrupted source of income.  How is that going to occur post-disaster in your company? 

That is why we are here today, to kick off a team who can look at this potential impact and meet it head-on with a practiced PLAN that works – one that begins with FAMILIES FIRST.