Sebastian Pinera toured the earthquake zone and addressed the nation from Santiago's presidential palace late on Thursday after being inaugurated moments before several aftershocks began.

"We will overcome this adversity," he told the crowds outside the palace, standing alongside his wife Cecilia Morel Montes.

He also called for a "new transition" to Chile "that is developed, without poverty, with real equality of opportunities and with opportunities of growth for all its people."

His victory ended 20 years of centre-left governments that followed Augusto Pinochet's dictatorship, and put Chile's business elite squarely back in power.

But he lacks a legislative majority, and reconstruction will be very expensive.

Now, Pinera says he'll be Chile's "reconstruction president."

Recovery costs could soar above 15 billion US dollars, including 5 billion US dollars for infrastructure alone.

AP