Editor's note: This is a developing story. Taiwan is bracing for a possible tsunami in the wake of the worst earthquake recorded in that part of the world in a quarter century, according to local news reports. The quake shook the capital city of Taipei and surrounding communities just as residents commuted to work and school on the morning of Wed., April 3, 2024. The magnitude 7.4 temblor is likely to result in localized fatalities or economic losses, according to the U.S. Geological Survey. "Overall, the population in this region resides in structures that are resistant to earthquake shaking, though vulnerable structures exist," the USGS reports. "The predominant vulnerable building types are heavy wood frame and reinforced/confined masonry construction." Secondary hazards such as tsunami activity and mudslides could be of greater concern. The earthquake was centered just outside of Hualien City, which is located on the Pacific Ocean on Taiwan's east coast and has a population of about 300,000 people. The Associated Press has reported several fatalities, dozens of collapsed buildings and hundreds of injuries. In the immediate aftermath of the event, it appears many individuals also were trapped in area tunnels and mines, CNN reported. The Taiwan Semiconductor Manufacturing Co. and the United Microelectronics Corp. — both companies with notable international business — halted business and evacuated staff due to the catastrophe, according to Bloomberg. Taiwan produces more than half of the world's laptops, motherboards and network devices. See also:

• How a 'relatively moderate' earthquake resulted in 1,000 deaths
• Earthquakes cause $14.7B in annualized losses, USGS reports
• 5 ways to protect your assets from earthquake losses