This earthquake happened at southern Ionian Islands in Greece 38.2 N 20.6E on August 12 , 1953, 09:24 (UTC) or 11:24 (local time) .The magnitude was 7.2. The crustal plate movement is continental drift. It caused widespread damage throughout the island of Kefalonia and Zakynthos.Today earthquakes regular shake the islands of Zakynthos and Kefalonia were caused by this eathquake. There were also 476 casualties. The economic impact of the earthquake was far greater, and damage was estimated to have totaled billions of Drachmas. Many people abandoned the island,leaving the island as well as its economy in ruins. The government did not save the economy.