Uh-oh. Canada is unprepared for a major earthquake

The report, commissioned by the Insurance Bureau of Canada, says a major earthquake would have a significant economic impact on the region it hits, as well as a domino effect on the entire Canadian economy.

The report does not look at loss of life or casualties, focusing solely on the impact to the economy, but says it considers an earthquake "sufficiently threatening and devastating to warrant prudent planning and preparation now."

According to the report, a 9.0 magnitude earthquake off the western coast of Vancouver Island would have a major impact on the economy. It estimates that scenario would cause $62 billion in direct damage in the region, primarily due to building damage, and $12.7 billion in indirect impact caused by things like supply chain interruption and infrastructure damage.

Although most Canadians would consider a western earthquake most likely, there is a seismically active area in Quebec that could produce a lower-magnitude quake that would be less devastating but still potentially damaging.

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