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Member, Beacon International Group, Ltd.
MADRID, SpainThe bombing of a parking garage at the Madrid-Barajas airport is expected to cost insurers about e35 million ($46.2 million), according to a Spanish government forecast.
Police said about 440 pounds of explosives were used in the truck bomb that exploded around 9 a.m. on Dec. 30, destroying a four-story parking garage in the airport's recently opened Terminal 4 and leaving at least two dead.
The blast at the airport, located on the northeastern outskirts of Madrid, has been attributed to Basque separatist organization ETA.
The government's insurance compensation consortiumthe Consorcio de Compensacion de Seguros, which covers terrorism risksmade its forecast based on data and estimates provided by Aeropuertos EspaÒoles y NavegaciÛn Aerea, the company that manages the airport, according to Ignacio Machetti, general director of the CCS.
The estimated costs include about e30 million ($39.6 million) to rebuild the newly built parking garage that was nearly 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 explosion. These claims, expected to total more than 5,000, are expected to cost insurers an additional e5 million ($6.6 million), raising total costs of the bombing to over e35 million, Mr. Machetti said.