I refer to the letter, Tsunami: A case of Good vs Evil, by Wong FH. In my opinion, there is neither any divine goodness nor bad omen to be interpreted from the tragedy. And definitely, it is not punishment from God.
Despite two-thirds of the victims are Muslims, the Muslim community has attached absolutely no significant religious connotation to this sad moment in our life. One of the pillars of faith in Islam is known as "Qadha and Qadar", meaning that good luck and bad luck are integral parts of life. Good luck does not mean that God loves you and bad luck does not mean God has abandoned us.
There is absolutely no religious conclusion to be drawn from the occurrence of earthquakes and tsunamis. To do so would be "syirik", a deviation from belief in "Qadha and Qadar", and ultimately will lead to an erosion of belief in God and in the end, apostasy.