This paper presents a rapid method for calculating the expected earthquake repair costs incurred by steel concentrically braced frame structures designed to Eurocode 8. The method adopts the FEMA P‐58 performance assessment methodology which is based on the predicting Engineering Demand Parameters (EDPs), such as peak inter‐story drift and peak floor acceleration, at various seismic hazard intensity levels of interest and then using these EDPs to calculate expected damage and associated economic losses. Typically, multiple nonlinear time history analyses (NLTHA) are employed to calculate the required EDPs, however this can be computationally expensive and technically challenging. This paper proposes the use of regression equations, developed from a large number of nonlinear analyses, as an alternative to NLTHA for EDP prediction. This allows loss assessment to be carried out without the need for multiple NLTHA, a process termed rapid loss assessment. The proposed equations are applied in loss assessment for three case study CBFs. It is shown that the economic losses predicted by the rapid method compare well with results obtained from conventional NLTHA‐based assessment.