According to World Bank estimates, the direct physical damage to Turkey due to the devastating earthquakes on February 6 is 34.2 billion US dollars.
This is stated in a preliminary assessment published on February 27.
Earthquake losses will therefore amount to approximately 4% of Turkey's GDP in 2021.
The report notes that the earthquakes affected areas that are home to more than 7% of Turkey's population, leaving around 1.25 million people homeless as their homes were completely destroyed or severely damaged. Analysts assume that further aftershocks may further increase the destruction.
Reconstruction of the region may cost almost twice as much as the damage estimate. In addition, Turkey suffers indirect losses due to the drop in GDP due to the cessation of normal economic life in the affected provinces.
About 53% of all losses are damages in the form of destroyed housing, 28% - destroyed schools, health care facilities, administrative institutions, offices, etc.; 19% - other infrastructure.
On February 9, the World Bank announced an initial aid package for Turkey in the amount of 1.78 billion dollars to overcome the consequences of the earthquake.
It will be recalled that on February 6, two earthquakes with a magnitude of 7.7 and 7.6 rocked southeastern Turkey and neighboring areas of Syria. The confirmed death toll from the destruction in both countries has already exceeded 50,000. After that, there were three more significant earthquakes, which also caused the destruction of buildings and the death of about a dozen people.
The Turkish authorities announced a large-scale investigation and began mass arrests of developers and contractors whose buildings could not withstand the shocks and completely collapsed. More than 600 people are already under investigation.