Tourism industry tries to ease fears, as future trips to Chile are cancelled
President Michelle Bachelet and President-elect Sebastian Piñera both acknowledged Saturdays’ earthquake would have serious ramifications for the country’s economy and employment.
While immediate effects of the earthquake are still being measured — an estimated 800 were killed and more than 1 million are now homeless, many are only now receiving food, water and supplies — Chile has started to evaluate the effects the quake will have on different economic sectors.
The Wall Street Journal reported the Chilean stock market index opened 2.5 percent lower Monday and saw losses through Wednesday. Thursday saw the first gains since the earthquake hit, although there is expected to be much volatility in the coming days.
Despite fears of serious losses to one of Chile’s growing export sector, wine, the industry’s promotion agency, Wines of Chile, said the impact of Saturday’s 8.8-magnitude earthquake was “limited” and expects producers will meet export commitments without major problems.
After days evaluating affected wineries, they determined the total loss at 125 million liters, valued at approximately US$250 million. The losses including aging, bottled and bulk wine, and represent 12.5 percent of the 1.01 billion liters produced in 2009.
Wines of Chile president Rene Merrino reported infrastructure damage varied among wineries and is still being evaluated, but vineyards were largely unaffected. The harvest is just beginning and Merrino does not expect volumes to be affected by the earthquake.
Read more: http://www.santiagotimes.cl/index.php?option=com_content&view=article&id=18324:not-all-of-chile-is-like-the-images-in-the-media&catid=1:other&Itemid=38