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Earthquake Risk Transfer in Greece

Earthquake Risk Transfer for Greece; Short-term earthquake loss
Fig.1 - Hashed circles represent current Earling undercover regions.

Greece is located at the complex boundary zone in the eastern Mediterranean between the African Plate and the Eurasian Plate. The northern part of Greece lies on the Eurasian Plate while the southern part lies on the Aegean Sea Plate. The Aegean Sea Plate is moving southwestward with respect to the Eurasian Plate at about 30 mm/yr while the African Plate is subducting northwards beneath the Aegean Sea Plate at a rate of about 40 mm/yr. The northern plate boundary is a relatively diffuse divergent boundary while the southern convergent boundary forms the Hellenic arc. These two plate boundaries give rise to two contrasting tectonic styles, extension on east-west trending fault zones with strike-slip tectonics on SW-NE trending fault zones throughout west and central Greece, Peloponnese and the northern Aegean and contractional in the southern Aegean, continuing around to the Ionian islands. The south Aegean is the location of the volcanic arc and is characterized by extension. To the east of Crete along the Hellenic Arc, strike-slip tectonics with some extension become important. Earling can issue accurate earthquake preparedness alert especially for North of Greece.

EPA Effect on Greece Probable Maximum Loss

Fig.2 - EPA effect on Sep 7, 1999, Greece earthquake (Higgins, 2016).

Greece short-term expected earthquake loss

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