The earthquake, which destroyed large areas in Turkey and Syria, could cause economic losses exceeding 4 billion dollars.

 This was announced on Thursday by the Fitch rating agency, AFP reports.

 "Economic losses are difficult to estimate as the situation is evolving, but they are likely to exceed $2 billion and could reach $4 billion or more," Fitch Ratings said in a statement.

 Insured losses will be much lower, perhaps around $1 billion, due to the low level of insurance coverage in the region, the agency added.

 The total number of dead as a result of the devastating earthquakes in Turkey and Syria as of Thursday evening has already exceeded 20,000.

 As reported, the EU announced a donor conference to help Turkey and Syria after the earthquakes.