Two earthquakes measuring 4.1 and 3.8 magnitude have struck north of Nice within a matter of hours, sending shockwaves throughout the Alpes Maritimes and Monaco.
The first 4.1 magnitude earthquake hit Coaraze, near Levens, at 6.45pm. The quake, which occurred at a shallow depth of 16.3 km, was widely felt due to its proximity to the surface, making the shaking more pronounced than a deeper event of similar magnitude.
According to SismoAZure, a series of smaller earthquakes followed, before another large earthquake, measuring 3.8 on the Richter scale, struck at 10.25pm, sending another shockwave across a large distance, including Monaco.
While authorities are not reporting any injuries, they are reportedly being inundated by calls from concerned residents.
As one resident in Contes told Monaco Life after the first 4.1 magnitude earthquake hit: “I must admit I was scared. The windows started vibrating, everything shook, and there was a huge bang. For a moment, I thought the house was going to collapse.”
Social media has been flooded with similar responses from residents throughout Monaco and the Alpes Maritimes.
Ahead of Tuesday night’s significant tremors, there were four earthquakes between magnitudes 2 and 3, and 41 smaller quakes below magnitude 2 that would typically go unnoticed. Earlier in the day, a magnitude 3.2 quake was also detected near Montpellier at a depth of 5 km.
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A magnitude 3.9 earthquake struck near Nice on Tuesday at 6:45 pm, sending tremors across the Alpes-Maritimes region, including Monaco. The quake, which occurred at a shallow depth of 16.3 km, was widely felt due to its proximity to the surface, making the shaking more pronounced than a deeper event of similar magnitude.
In Monaco, residents reported feeling the ground move for a brief moment. While there were no reports of damage or injuries, the unexpected tremor served as a reminder that seismic activity is not uncommon in the region. Despite Monaco not sitting directly on a major fault line, its location near seismically active areas means occasional tremors can be felt in the Principality.
Residents throughout the entire Alpes-Maritimes region who felt the tremor wasted no time checking their phones to see if others had experienced the same thing.
“I must admit I was scared,” Marie, a resident of Contes near the epicentre, told Monaco Life. “The windows started vibrating, everything shook, and there was a huge bang. For a moment, I thought the house was going to collapse.”
The event was part of ongoing seismic activity in France, which recorded a total of 46 earthquakes in the past day. Alongside Tuesday night’s tremor in Coaraze, which has initially been identified as a magnitude 3.9 but could be as high as 4.1, there were four earthquakes between magnitudes 2 and 3, and 41 smaller quakes below magnitude 2 that would typically go unnoticed. Earlier in the day, a magnitude 3.2 quake was also detected near Montpellier at a depth of 5 km.
Authorities in Monaco continue to monitor seismic events, though no emergency measures were required following this tremor. Residents are encouraged to remain aware of earthquake preparedness guidelines, as occasional tremors are a natural part of the region’s geological activity.
For further updates on seismic activity and safety measures, residents can follow local government advisories.
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Parking des Salines now offers 45 minutes of free parking for parcel pick-ups
Good news for those using the Point Accueil Marchandises (PAM) at the Parking des Salines – free parking has been extended from 15 to 45 minutes. This change comes after the PAM opened in December 2024, making it easier for customers to drop off and collect parcels.
The PAM, located on the first floor of the parking facility, is a 1,500-square-metre logistics hub designed to streamline parcel deliveries. Instead of delivery vans driving through the city, packages are dropped off here and handled by express transport companies, helping to reduce urban traffic.
The service includes 24/7 accessible lockers and a customer desk for parcel collection from partners like Mondial Relay, Colissimo, and Relais Colis. The desk is open Monday to Friday from 9am to 7pm, and Saturdays from 9am to 12pm.
Following complaints of excessive parking fees to use the service, the government announced on Tuesday that visitors will now get 45 minutes of free parking at Parking des Salines. Just follow the elevators marked with the ‘La Poste’ logo to reach the PAM quickly.
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Photo by Monaco Life
Global Recycling Day: a look at Monaco’s waste management strategies
Monaco continues its push for sustainability, with recycling initiatives and regulations aimed at reducing waste and phasing out single-use plastics by 2030.
Global Recycling Day, observed annually on 18 March, reflects the importance of recycling and sustainable resource management. Established in 2018 by the Global Recycling Foundation, the day raises awareness about the role of recycling in conserving natural resources, reducing landfill waste, and lowering carbon emissions in the fight against climate change.
Monaco’s recycling initiatives
Monaco has long prioritised waste reduction and recycling, with local authorities implementing a range of measures under the ‘Reduce, Reuse, Recycle’ framework. These efforts are designed to limit waste production at public events, encourage reuse, and improve recycling infrastructure across the Principality.
To minimise single-use waste, the Mairie de Monaco has replaced disposable cups with Ecocups at the Christmas Village, while the ‘La Petite Boîte’ initiative allows restaurant customers to take home unfinished meals, helping to cut down on food waste. Events such as the Cavagnëtu picnic have also adopted returnable bottles instead of single-use alternatives.
Since 2016, over 14,000 recyclable Petite Boîte containers have been distributed to Monaco’s partner restaurants, allowing diners to take home unfinished meals and combat food waste. Photo by Monaco Life.
Reuse initiatives are also in place. The Mùnegu Repair Café offers free repairs for small appliances several times a year, while a plant donation programme allows residents to rehome unwanted greenery.
Meanwhile, shared libraries under the ‘Làscia e Piya!’ initiative—located at Parc Princesse Antoinette and the Marché de la Condamine—encourage book exchanges rather than disposal.
‘Làscia e Piya!’ promotes the circular economy by allowing residents to exchange books at dedicated locations in Parc Princesse Antoinette and the Marché de la Condamine, with plans to expand to crèches. Photo by Monaco Life.
Monaco has also strengthened its recycling infrastructure with selective sorting stations across communal sites, cigarette butt collection points, and a shared composting system at Parc Princesse Antoinette, which transforms organic waste into fertiliser for public gardens.
Regulatory measures supporting waste reduction
Beyond these municipal initiatives, Monaco’s government has introduced strict regulations to phase out single-use plastic waste by 2030. Since 2023, restaurants and cafés have been required to serve meals on reusable dishes for on-site dining, and sales receipts are no longer printed by default.
Additional regulations have targeted takeaway waste. Employers with cafeterias must provide reusable dishware, consumers have the right to use their own containers, and disposable cutlery can no longer be offered for free. The government has also launched MaConsigne, a returns system for takeaway containers aimed at further reducing disposable packaging.
MaConsigne, available in select restaurants and food outlets across Monaco, is a reusable container system reducing takeaway packaging waste. Pictured above at Le Snack on Boulevard Princess Charlotte. Photo by Monaco Life.
These measures form part of Monaco’s broader waste prevention and management strategy, reinforcing long-term efforts to promote sustainable consumption habits. Global Recycling Day serves as a timely reminder of the importance of these initiatives, demonstrating Monaco’s continued commitment to reducing waste and improving recycling practices.
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Photo source: Mairie de Monaco Facebook
Can Monaco maintain financial balance? 2024 budget report shows big spending, slowing revenue
Monaco’s latest budget report has highlighted the Principality’s strong financial position but warns of challenges ahead. With rising costs linked to major projects such as the new Princess Grace Hospital and the Fontvieille Commercial Centre, and a dip in real estate tax revenue from post-Mareterra, the report cautions that Monaco must carefully manage its investments to ensure long-term financial stability.
Monaco’s financial strategy and economic outlook for the coming years were placed under the microscope last week with the publication of the 2024 Annual Report by the High Commission for Accounts. Presented to Prince Albert II on 13th March by Commission President Christian Descheemaeker, the report offers an in-depth analysis of government revenue, public spending and investment projects, while issuing strong warnings about potential fiscal challenges ahead.
Although the Principality’s finances remain robust, the report highlights concerns regarding slowing revenue growth, increasing public expenditures and overspending on major infrastructure projects. With the Mareterra land extension project – a key driver of tax revenue – nearing completion, Monaco must now navigate a period of financial transition, ensuring that its ambitious investments remain sustainable.
Prince Albert II was presented the 2024 Annual Public Report by the President of the High Commission for Accounts, Christian Descheemaeker, on 13th March 2025. Photo source: Government Communication Department
A year of revenue growth, but at a slower pace
In 2023, Monaco recorded a budget surplus of €126.3 million, a significant improvement from €32.2 million in 2022. However, while total government revenue reached €2.2 billion, marking a 6% increase, this was a sharp decline from the 17.1% growth seen in the previous year. The report attributes this slowdown to the winding down of major real estate developments, particularly Mareterra, which had been a substantial contributor to VAT (TVA) income.
The surplus also doesn’t take into consideration the €179.9 million ‘Damage Advances’ CST account linked to ongoing legal disputes over construction defects at the Jardins d’Apolline housing complex, which will eventually impact the final budget figures.
Subject to this adjustment, the overall financial result for 2023—including the General Budget and Special Treasury Accounts—shows a revenue surplus of €163.8 million.
Tax revenue behind majority of budget surplus
Tax revenues were the primary source of government income, accounting for 75.5% of total revenue, up from 69% in 2022. The bulk of this came from VAT, which alone represented 52.4% of all state income. A significant portion of this VAT revenue was linked to the real estate sector, particularly Mareterra, as property sales and transactions generated a surge in tax income.
Corporate tax revenue also saw a remarkable increase, rising by 33.4%, largely driven by strong performances in Monaco’s financial sector. However, the government anticipates slower growth in this area moving forward, reflecting broader economic uncertainties.
Real estate-related tax income also grew in 2023, but with major development projects now reaching completion, experts warn that Monaco may not be able to rely on similar revenue streams in the coming years. This shift in income sources raises questions about how the government will maintain its current fiscal trajectory without increasing tax burdens elsewhere.
“While the results for Fiscal Year 2023 are satisfactory, the outlook for the following years is a cause for concern,” write the report’s authors. “Indeed, State revenues no longer have any reason to increase as they have for several years, particularly due to the completion of the Mareterra project, a source of revenue.”
The new Mareterra district. Photo by Cassandra Tanti, Monaco Life
Public spending on the rise
While Monaco’s revenue streams remain strong, public expenditures continue to climb. Ordinary expenditures rose by 13.5% in 2023, reaching €1.2 billion, driven primarily by higher operational costs, public subsidies and growing wage commitments in the public sector.
Salaries and social charges for public sector employees increased to €392.1 million, marking a 6.7% rise due to salary adjustments and pension obligations. Staffing levels within government departments also expanded, following a brief period of stability in 2022.
Social and healthcare spending surged by 15.2%, with significant government subsidies allocated to public housing, healthcare initiatives and support for vulnerable populations. The report highlights the long-term risks associated with these rising costs, warning that, without careful financial management, these commitments could strain Monaco’s budget in the future.
“To maintain a balanced budget in the coming years, it will therefore be necessary to control both ordinary spending and capital and investment spending, which raises different issues,” say the report’s authors.
Major infrastructure investments and budget concerns
Monaco’s three-year infrastructure investment plan (2024-2026) increased by 10.3% to a total of €10.1 billion. Among the most significant projects are the redevelopment of the Fontvieille Commercial Centre (€401.5 million), the digital transition initiative (€588 million), the renovation of the Louis II Stadium (€399.2 million) and the construction of the new Princess Grace Hospital (CHPG), which alone carries a staggering price tag of €1.25 billion – a 113% increase from the initial 2012 budget allocation of €664.5 million.
Similarly, the Waste Treatment and Recovery Centre, originally envisioned as a key part of Monaco’s sustainability strategy, has seen its projected costs escalate to €654.9 million. These examples have prompted calls for stricter budget oversight to prevent unnecessary financial strain.
The report also highlights the risks of long-term budgetary imbalances. Despite efforts to control spending, capital expenditures in 2023 amounted to €867.85 million, an 11.5% decline from the previous year. Even with this reduction, the financing balance to be covered after 2026 still stands at €2.71 billion, raising concerns about Monaco’s ability to sustain such high levels of investment without additional revenue sources.
The National Housing Assistance budget decreased by 9.5% to €13.4 million. Photo of Testimonio II by Cassandra Tanti, Monaco Life
A breakdown of public spending
Public spending saw a sharp rise across multiple sectors in 2023, with significant allocations to culture, international relations, public health, economic development and sustainability. Cultural expenditure increased, with the National Museum’s deficit growing by 15.5% and the Scientific Centre’s by 1.5%, bringing their shortfalls to €7.8 million each. Overall public interventions surged by 33% to €314 million, while spending on international relations grew by 16.1%, including a €74 million three-year programme for development cooperation. In education and culture, €103.5 million was allocated, with €25.1 million directed to TV Monaco and €12.6 million to the Monte-Carlo Ballet Company. The centenary commemoration of Prince Rainier III accounted for an additional €5.7 million.
Public health and social solidarity spending rose by 15.2%, including €15.5 million for a price control scheme, while the National Housing Assistance budget decreased by 9.5% to €13.4 million. The Differential Rent Allowance, however, saw an 8.1% increase to €2.7 million. The Monaco Red Cross received a subsidy boost of 11.5%, bringing its funding to €3.6 million. Sports funding totaled €34.7 million, with stable subsidies of €2.1 million allocated to ASM Football Club and €1.4 million to the Monaco Yacht Club.
In economic development, €56.3 million was invested, including €10.6 million for commercial support and €8 million for public transport coordination. Sustainability initiatives remained a priority, with €19.9 million allocated to environmental efforts, of which €19.2 million was dedicated to Monaco’s energy transition programme. The Blue Fund, created to support Monaco’s sustainability and economic innovation efforts, accounted for an expenditure of €4.6 million and was subject to its own audit.
The challenge of future revenue streams
One of the key takeaways from the report is the warning that Monaco’s future revenue growth may not be as robust as it has been in recent years. The completion of major real estate projects like Mareterra means that tax revenue from property transactions will decline, making it necessary for the government to explore alternative sources of income.
With growing expenditures in healthcare, social security and infrastructure, the financial burden on the state will likely increase. If Monaco does not find new revenue streams, the pressure to maintain budget surpluses will intensify, potentially forcing adjustments to current fiscal policies.
Recommendations and the path forward
The High Commission for Accounts has made several recommendations aimed at ensuring Monaco’s financial sustainability. Among the key suggestions are tighter budget oversight on large-scale infrastructure projects, more disciplined hiring within the public sector and long-term pension reform to address rising social costs.
Maintaining liquidity within the Constitutional Reserve Fund (FRC) is also a priority. The report suggests that rather than distributing budget surpluses across various reserves, Monaco should focus on safeguarding its financial stability by reinforcing its main reserve funds.
Monaco Life is produced by a team of real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Threads, Facebook, Instagram, LinkedIn and Tik Tok.
Main photo by Cassandra Tanti, Monaco Life
Sailing: A thrilling debut for the all-female Virginie Hériot Trophy in Monaco
The inaugural edition of the Virginie Hériot Trophy has drawn to an exhilarating close at the Yacht Club de Monaco. Over the course of three intense days, 21 teams from nine nations battled it out on J/70s, reaffirming the rapid rise of women’s sailing on the international stage.
Held under the auspices of the French and Monegasque sailing federations and supported by FxPro, the Virginie Hériot Trophy regatta, held in Monaco between 14th and 16th March, welcomed competitors from across the globe, with one significant difference from other sailing events: all the participants were women.
The event owes much of its growth and organisation to Pink Wave, a collective of female sailors from the Yacht Club de Monaco (YCM) who have championed international women’s sailing for the past six years. Originally named Women Leading & Sailing, this new regatta was later renamed to honour Virginie Hériot, a pioneering figure in the sport and the first woman to claim an Olympic gold medal in 1928. Affectionately dubbed Madame de la Mer, Hériot’s enduring legacy continues to inspire new generations of female sailors and competitors.
WINNERS OF THE WEEKEND
Weather conditions played a definitive role throughout the competition. As a light easterly breeze blew on the opening day, the UK’s Royal Thames Yacht Club made a commanding start, securing victory in all three races. The American Sound Sisters also delivered a strong performance, holding onto second place.
The British team continued their dominance on Day Two, notching up two more wins. By the final day, a strengthening mistral of 15 to 20 knots brought fresh challenges, but the Royal Thames Yacht Club remained unshaken, successfully defending their top position in the Gold group. Lausanne Sailing Club clinched second place, while Germany’s Boddensprotten team from Regatta Verein Greifswald outmanoeuvred the Sound Sisters to take third place.
Meanwhile, in the Silver group, Cannelles 2 claimed the top spot, while in the Bronze group, the YCM team, comprised of Pink Wave sailors, rose to victory under the leadership of Anne Rodelato and supported by Olympic champion Saskia Clark, alongside Maycka Delgado, Kathrin Hoyos and Anne Schouten.
COMING UP
The YCM is preparing for another type of event altogether in the coming week: the sixth edition of the Superyacht Chef Competition, scheduled for 3rd April.
Organised by the La Belle Classe Academy training centre in collaboration with Bluewater, the competition will challenge nine chefs working on superyachts ranging from 36 to 97 metres to put forward their finest dishes. The chefs will be judged by a prestigious panel chaired by Chef Jean-François Girardin, Meilleur Ouvrier de France 1993, former chef at the Ritz Paris and President of the Société Nationale des MOF.
For more on this and other upcoming events, click here.