World Bank: earthquakes in Turkey caused damages of 34.2 billion dollars

First modification:

The World Bank estimated the economic cost of the damage caused in Turkey by the strong earthquakes that affected the southeast of the country at the beginning of the month at more than 34,000 million dollars, while warning that reconstruction could cost twice that amount.

The number could double. The World Bank estimated the economic costs of the February 6 earthquakes in Turkey at $34 billion, mainly affecting the southeast of the country.

“The report acknowledges that the costs of rescue and reconstruction will be much higher (than those caused by the damage), potentially twice as large, and that the associated Gross Domestic Product (GDP) losses will add to this cost,” the report explained. institution in a statement.

Humberto López, director of the World Bank for Turkey, declared that the earthquakes discounted at least half a percentage point in the expected GDP growth of Turkey, which would be between 3.5% and 4% for this year.

Of the cataloged damages, some 18,000 million dollars, more than half were in damages caused to residential buildings. The World Bank estimates that around 1.25 million people were temporarily left homeless due to damage to their homes.

The institution already announced on February 9 an initial aid package of 1,780 million dollars for the reconstruction and rescue efforts.

People look at the debris left behind by flooding in the town of Bozkurt, in Kastamonu province, Turkey.  August 13, 2021.
People look at the debris left behind by flooding in the town of Bozkurt, in Kastamonu province, Turkey. August 13, 2021. © Can Erok / Demiroren Visual Media via Reuters

On the other hand, the situation in Syria was “really catastrophic,” said Anna Bjerde, World Bank Group vice president for Europe and Central Asia. The Bank will publish a separate estimate of the damage in Syria on Tuesday.

The earthquakes, measuring 7.7 and 7.6, caused more than 44,000 deaths in Turkey alone. In Syria, almost 6,000 deaths have been registered. According to the World Bank report, more than 7,500 aftershocks occurred after the movements, which is the largest catastrophe of its kind in Turkey in more than 80 years.

with Reuters

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Written by Editor TLN

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