LOS ANGELES (CBS) — A massive budget shortfall combined with a larger economic slowdown may be all that stands between California and the next catastrophic earthquake.

KNX 1070′s Margaret Carrero reports a statewide early-warning system is being held up largely over financing issues.

A Bay Area-based foundation has donated $6 million dollars to help researchers develop a system that would give residents anywhere from a few seconds to a minute’s notice before the ground starts to shake.

Scientists at the U.S. Geological Survey, UC Berkeley and elsewhere crafted the system, but dismal state and federal funding has left the project in limbo.

Geologists estimate it would cost between $80 and $150 million for a monitoring system to reach the entire West Coast.

Similar warning systems have proven successful in countries prone to temblors, including Mexico and Japan, where the government invested $1 billion for its own version.

While some experts remain optimistic that funds could be made available in a few years, others are concerned it may take another catastrophe before funding rolls in.