According to estimates from the World Bank, the earthquakes that hit the south of Turkey at the beginning of February and overall post-earthquake damages may reach approximately USD 34 billion (EUR 32 billion).
This amount is equal to 4% of Turkey’s GDP for 2021. The estimate
does not include the costs of restoration work, which may be twice as large, as mentioned in the report from the World Bank.
The estimate also does not include the damages caused to Syria’s northern parts, which were also struck by the earthquakes. It is planned for the World Bank to announce estimates on damages caused by the earthquakes in Syria on Tuesday, the 28th of February.
Because aftershocks continue, the World Bank warns that the final estimate of the damages will likely increase even further.
As previously reported, the recent earthquake has left 1.25 million homeless. The number of deaths in both countries’ regions struck by earthquakes exceeds 50 000 (44 200 in Turkey and 5 900 in Syria). Turkey has evacuated approximately 530 000 people from the zone of catastrophe.