The government allotted 7.8 million lei (EUR1.78 million) from the state budget for building consolidation in 2008, RON8 million in 2009 and RON5.8 million in 2010. Local authorities received RON6.4 million for building consolidation in 2011 and RON8.1 million in 2012. In 2013, they might get some RON10 million.
Estimates for the next three years show funding will be reduced to RON4 million in 2014, RON4.5 million in 2015 and RON5 million in 2016.
According to official data, Bucharest alone has 112 buildings in seismic risk class I, built in 1900-1950, and 60 others built in 1828-1898. Only 30 of them have been consolidated to withstand earthquakes.
An earthquake similar in intensity to that which shook Romania back in March 1977 might cause real estate damages of EUR4.8 billion, considering that the total value of homes in Romania is estimated at EUR105.6 billion, according to surveys cited by joint insurance company PAID in 2011.
The 7.2-magnitute earthquake which hit Romania on March 4, 1977 caused damages of over $2 billion, or 5% of the country’s gross domestic product in that year, according to World Bank data.
The earthquake led to the collapse of 28 high buildings constructed before 1940. The death toll hit 1,570. About 11,300 people were injured in the disaster. (EUR1=RON4.3611)