The effects of an earthquake depend on its magnitude, depth, and location. As a rule of thumb, the bigger the magnitude and the closer the earthquake to the subsurface as well as to (densely) populated areas, the greater their potential consequences.
Earthquake risk (or seismic risk) quantifies the possible effects of earthquakes on buildings and the associated financial and human losses. To determine the earthquake risk, detailed information about the earthquake hazard, the influence of local subsoil, the vulnerability of buildings, and the people and assets affected are combined in a model.
However, these are not yet included in the model. The earthquake risk is not evenly distributed over time but is dominated by rare, catastrophic earthquakes that usually happen without warning.