In this paper a seismic risk analysis of masonry buildings based on damage data from the 2009 L'Aquila and 2012 Emilia earthquakes. The seismic vulnerability is described by fragility curves from which economic loss curves are derived for each representative typological class of masonry buildings. The information on the buildings was collected by the Italian Civil Protection Department with the AeDES form and available in the Observed Damage Database (D.a.D.O.). The reliability of the database considered, however, was improved by carrying out a process of estimating undamaged buildings from data from the 15th ISTAT census. Finally, for each damage level, according to EMS-98 scale, a procedure to derive the Expected Annual Loss is presented, so as to express its percentage contribution in the seismic risk assessment
