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Chile has begun to count the cost of its deadly 8.8 magnitude earthquake as nations around the Pacific eased their fears of a devastating tsunami.

The quake, on Saturday morning, killed at least 300 people - 90% of them in their homes. It is feared the damage may cost tens of billions of dollars.

The death toll looks set to rise, following reports that about 350 people died in the town of Constitucion alone.

The earthquake was the strongest to hit Chile in half a century, and more than 50 countries around the Pacific Rim were on alert for a tsunami.