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Up to $1 billion in economic losses expected from Ecuador quake

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The U.S. Geological Survey expects the recent 7.8-magnitude earthquake in Ecuador to cause economic losses of up to $1 billion, reports BNamericas.

Munich Reinsurance Co. said that a $1 billion economic cost would make the quake the ninth most costly in Latin America in the past 35 years.

Media reports said the quake caused electricity outages and prompted closure of airports, hydroelectric dams and oil pipelines.

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