A bit north of the July 4th quake, but much stronger, at 7.1. Just how much stronger? It released 11.2 times the energy of the 6.4 magnitude quake on July 4th. You will see terms like “bigger” in the media, but that is a bit misleading. The key variable is how much energy is released. The “bigger” term is just a measure of the size (amplitude) of the seismic waves on the seismograph, which uses a logarithmic scale. But it’s energy that causes damage. USGS has a nice explanation here.
Fortunately, both of these quakes happened in a lightly populated area of the state, near the China Lake Naval Weapons Station and the Ridgecrest/Indian Wells area. Still, the economic impacts of this series are likely to be well over $1 Billion dollars, with the current estimate (8am ET Saturday Morning) ranging from $1.5 to $3.8 Billion and a current “best estimate” (based purely on the computer models, which do anticipate additional aftershocks) of around $2.6 Billion. This quake probably only added a few hundred million to the estimated impacts. Note these numbers are total economic impact, which includes things like business disruption (like Disneyland having to shut down rides), road repairs, as well as the more typical physical damage like buildings and post-earthquake fires and damage to government facilities like China Lake. Insured losses (which is the only thing insurance companies care about) are likely to be light, especially given the trend towards very high deductibles for earthquake insurance. That means the consumer (you) get stuck with the bill … so be careful when people say things like “damage is light” because chances are it’s based on models or estimates used by insurance companies, and they don’t include it if it doesn’t exceed the deductible or isn’t insured by them (like roads or government buildings). And of course there are real people living there .. even if not huge numbers like LA or Las Vegas … and they matter!