PORT-AU-PRINCE, Haiti - The cost of rebuilding impoverished Haiti after last month's catastrophic earthquake could reach nearly $14 billion, making it proportionately the most destructive natural disaster in modern times.

 A study conducted by  economists at the Inter-American Development Bank, which takes into account the magnitude of the 12 January disaster, the number of fatalities and Haiti's population and per capita GDP, raises previous damage estimates from the quake to between $8 billion and $14 billion.

The IADB economists said the Haitian earthquake was especially destructive when viewed in relation to the Caribbean country's population of nearly 10 million and to its already weak and impoverished economy.

The quake also struck the capital city Port-au-Prince, the centre of the country's commerce, government and communications, destroying or damaging the presidential palace, the national cathedral, churches and government buildings.

In the IADB study, economists Andrew Powell, Eduardo Cavallo and Oscar Becerra calculated a base estimate of $8.1 billion in damages estimated for a 250,000 dead-or-missing toll.

But they estimated this figure was likely to be at the low end and concluded that an estimate of $13.9 billion damages was within the statistical margin of error.

The IADB study said the Haitian government had reported 230,000 dead as of 10 February.

"While the results are subject to many caveats, the study confirms that the Haitian earthquake is likely to be the most destructive natural disaster in modern times, when viewed in relation to the size of the Haiti's population and its economy," the IADB economists said.