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The costliest earthquake ever was the earthquake AND tsunami that hit Japan in 2011 causing $235 billion in property damage.
Tectonic plates make up the crust of the earth, which is basically the layer of the earth that your feet are touching right now ( or the building you're in. )
The Richter scale is basically a scale used to measure powerful an earthquake is, so you might not even feel a 1.0 earthquake but you could probably fall over in a 4.0 earthquake.
Earthquakes happen when tectonic plates rub inst each other in their tide-like movements across the world (extremely slowly)
Rishi