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This study explores the historical development of a deprived class in Messina, a Southern Italian city. By means of 85 in-depth interviews and the analysis of the most important phases of the reconstruction following a disastrous earthquake which took place in 1908, the authors investigate the forces that, over the course of a century, shaped the formation process of an “underclass” living in shanties and deprived project areas within the city. The authors’ hypothesis is that the “economy of disaster” and the “shock economy” are not a specific feature of the current period. On the contrary, the elements characterizing the contemporary disaster-related speculative processes were largely active at the very beginning of the past century. This chapter, then, explores the long-lasting social consequences of speculative approaches to the management of disasters, and reflects on the forms of resistance of subaltern populations to an organization of life that started in the aftermath of a remote earthquake, and still affects their living conditions and ways of reproduction.