Taiwan Earthquake Spurs Tsunami Alert, Business Impact Likely

April 3, 2024

    Earthquake Shakes Taiwan, Triggers Tsunami Warnings

    In an early morning jolt that caught residents off guard, a powerful 7.2 magnitude earthquake struck the island of Taiwan, leaving a trail of destruction and sparking tsunami warnings across the region. The tremor, which is the most significant seismic event to hit the island in over two decades, claimed the lives of four individuals and left more than 50 injured in the mountainous and less densely populated eastern county of Hualien, near the quake’s epicenter.

    The Taiwanese government reported that at least 26 buildings had succumbed to the quake’s force, with over half of these structures located in Hualien. Rescue efforts are currently underway, with approximately 20 people believed to be trapped amidst the rubble. Local television stations broadcasted images of buildings tilting precariously in Hualien as the quake struck just offshore around 8am local time, catching many on their way to work and school.

    The Central Weather Administration of Taiwan pinpointed the quake’s depth at 15.5 kilometers, emphasizing the severity of the tremor. Chang Yu-Lin, a 60-year-old hospital worker in Taipei, described the sensation as if “the house was going to topple.”

    Japan and the Philippines were also on high alert as tsunami warnings were issued. Japan’s weather agency observed small tsunami waves reaching Okinawa and later downgraded the warning to an advisory. The Philippines Seismology Agency took precautionary measures, urging coastal residents to move to higher ground. Although Taiwan issued its own tsunami warning, no subsequent damage was reported, and the Pacific Tsunami Warning Center confirmed that the threat of damaging waves had subsided.

    Despite more than 25 aftershocks being felt in Taipei, and others registering across the region, major infrastructural elements such as Taipei’s MRT resumed operations shortly after the quake. Taipower noted that over 87,000 households were still without power but confirmed that nuclear power stations were unaffected.

    On the economic front, Taiwan Semiconductor Manufacturing Co (TSMC) took precautionary measures by evacuating some fabrication plants. The company assured that safety systems were functioning normally and that evacuated employees were beginning to return to work. However, the tremor did cause a slight dip in stock prices for TSMC and other Taiwanese tech firms such as Apple supplier Foxconn and flat panel maker Au Optronics.

    Reflecting on past seismic events, Taiwan’s official central news agency recalled the devastating 1999 earthquake that resulted in approximately 2,400 deaths. The Central Weather Administration classified this recent quake with an “Upper 6” intensity in Hualien county, indicating significant structural damage and difficulty for individuals to remain standing or move without assistance.

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