I'll admit that FEMA isn't exactly cited in a way that's possible to corroborate, but presumably they're estimating a worst-case scenario and not a median- or average-case scenario. That might explain some of the large divorce in figures.
There will be lots of damage in Portland. There are lots of unreinforced masonry that will collapse and kill occupants. Most of the bridges, big and small won’t survive cutting off from outside. Infrastructure will be destroyed and utilities will be out of months. All of those could be upgraded which is why Bay Area would be in better shape.
Also, this is talking about Portland and Seattle. Most of the destruction will be on the coast which is closer to the fault. The tsunami will cause lots of damage, destroying most of the towns and killi;g everyone that doesn’t evacuate to high ground.
The 2011 Japan quake is the best comparison but Portland/Seattle aren’t prepared like Tokyo, and there are minimal tsunami defenses.