President Abelardo de la Espriella Declares Economic Emergency Following Major Earthquake

President Abelardo de la Espriella has officially declared a state of economic emergency via Decree 1261 of 2026 to address the aftermath of a magnitude 7.4 earthquake that struck Colombia on August 10. The decree covers 15 departments and allows the executive branch to issue decrees with the force of law for up to 90 days to accelerate reconstruction and finance aid. The president announced the measure during his first council of ministers at the Palacio de San Carlos on August 19. Official casualty figures vary slightly across reports, but the president updated the toll to 314 dead, 4,447 injured, and 262 missing, while noting that 262,154 people were affected. Material damage includes over 30,000 destroyed homes and 136,000 damaged homes, as well as hundreds of collapsed buildings and thousands of affected health and education centers.

To manage the crisis, the government plans to create the Fondo Milagro to channel national and international reconstruction funds. Proposed financial measures include utilizing resources from the General Royalties System, modifying the Obras por Impuestos scheme, and enabling the SAE to expedite the sale of assets for victim aid. The Ministry of Finance has already postponed income tax deadlines for affected individuals in specific regions. Additionally, the president reached an agreement with the insurance sector to prioritize payments for lower income strata and social interest housing. The government also indicated it would review and reduce non priority spending from the previous administration to find complementary funding.

Political reactions to the emergency have been divided. Former President Gustavo Petro and Senator Ivan Cepeda criticized the lack of a formal transition between governments, suggesting it hindered the emergency response. They also urged the current administration to allocate funds from the repeal of congressional special bonuses toward earthquake victims. Meanwhile, the Governor of Antioquia and the Mayor of Medellin have proposed a specific tax based reconstruction mechanism to restore affected cities more quickly. Some members of Congress have also called for the temporary reactivation of the Ingreso Solidario program to provide direct cash transfers to affected households.