New York: Economic losses from the massive earthquake that struck the Noto Peninsula in Ishikawa Prefecture, central Japan, on New Year’s Day are estimated at 435 billion to 870 billion yen, U.S. risk assessment firm Moody’s RMS said Friday.

The estimate reflects business interruption as well as physical damage, including to houses, from the 7.6-magnitude quake, subsequent fires, landslides, tsunamis and soil liquefaction.

Actual losses could be even larger, as the estimate does not include damage to transportation networks, public infrastructure and administrative organizations.

“This event highlights the importance of evaluating shallow crustal earthquakes within a comprehensive view of seismic risk,” Moody’s RMS Senior Director Chesley Williams said in a statement.

JIJI Press