Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Earthquake shakes Dutch province of Groningen

Published 10/08/2022, 06:51 AM
Updated 10/08/2022, 06:55 AM

AMSTERDAM (Reuters) - A magnitude 3.1 earthquake rattled the northern Dutch province of Groningen in the early hours of Saturday, the Royal Dutch Meteorological Institute said.

The quake had its epicentre in the town of Wirdum, 145 km (90 miles) northeast of Amsterdam. No injuries were reported.

Previous tremors in Groningen caused by natural gas production resulted in billions of euros of damage to buildings that were not constructed to withstand them, prompting a big scaling-back of production in the region in the late 2010s.

Once a major supplier of natural gas to Europe, Groningen's output will be capped at 2.8 billion cubic metres (bcm) in the year starting Oct. 1, roughly 7% of annual domestic consumption in the Netherlands.

Prime Minister Mark Rutte is due to testify on Thursday before a parliamentary commission investigating problems surrounding the exploitation of Groningen gas, including failures in fixing damaged buildings and compensating victims.

Although the Dutch are under pressure to change course after Russia's invasion of Ukraine triggered an energy crisis, Rutte's government has repeatedly said production could only be scaled up as a last resort if gas supplies for households run out.

Latest comments

3.1 is awfully big for euro softies. In all other places it would be hardly noticed.
Imagined damages? What are you talking about? It is likely that people tried to fraudently claim certain damages that were not caused by the earthquakes. However, many people suffered damage to their homes, and they deserve to be reimbursed. With the current situation, I think we do need to scale up, but excess profits need to be used to fully reimburse people that are affected by the drillings.
True. With a grain of salt though: the Netherlands is largely built on clamed lands, which makes the impacts on buildings more important.
 This area is not on dewatered land, and anyway pumping water out many decades ago cannot cause any special issues. On the other hand, in present green-woke hysteria every minor damage to houses, appearing naturally, is labeled immediately as result of “fossil fuel” extraction.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.