We have also learned that some earthquakes cannot be thought of as a short sharp event, but rather are a rolling set of shocks with a long period of continuing after-quakes. These can cause on-going damage, delay assessment, continue disruption, and slow reconstruction. The impact of ongoing seismic instability on insurance and construction can be very marked.
Four years after the first Member States requested financial assistance, today we can safely say that the worst has been averted. The political will of all actors involved has been strong enough to defend the integrity of the euro area. Many had underestimated this will.