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Member, Beacon International Group, Ltd.
MADRID, SpainThe bombing of a parking garage at Madrid's Barajas airport is expected to cost insurers about €35 million, according to a Spanish government forecast.
Police said about 440 pounds of explosives were used in the truck bomb that exploded at about 9 a.m. Saturday, Dec. 30, destroying a four-story parking garage in the airport's recently opened terminal 4, leaving two presumed dead. Barajas airport is located on the northeastern outskirts of Madrid.
The government's insurance compensation consortium, the Consorcio de Compensacion de Seguros, made its forecast based on data and estimates provided by AENA, the company that manages the airport, according to Ignacio Machetti, general director of the CCS.
The estimated costs include about €30 million to rebuild the newly built parking garage that was mostly destroyed in the blast, as well as for clearing debris, according to Mr. Machetti.
AENA has reported receiving more than 1,000 claims for automobiles damaged or destroyed by the blast. These claims, expected to total more than 5,000, are expected to cost insurers an additional €5 million, raising total costs of the bombing to over €35 million, Mr. Machetti said.