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The earthquakes that shook Turkey’s southeast last month caused about 2 trillion liras (US$103,6 billion) of damage, President Recep Tayyip Erdogan’s government said in an official assessment published days before the European Union holds a conference to aid the reconstruction effort.
The report on Friday is among the most comprehensive yet and covers the damage suffered by buildings, infrastructure, industry, insurance and the ensuing macroeconomic impact. It calculates the toll on the economy at the equivalent of about 9 percent of this year’s gross domestic product, the presidency’s strategy and budget office said.
The 11 provinces that were impacted by the earthquakes accounted for 9,8 percent of the national economy and 8,6 percent of exports in 2022, according to the report. Their share in textile exports was much higher at 35 percent.
In a preliminary assessment in February, the World Bank estimated the earthquakes caused US$34,2 billion in physical damages. A more pessimistic estimate came from business group Turkonfed, which saw costs at over US$84 billion.
The 7,7 and 7,6-magnitude tremors on February 6 — and their aftershocks — killed more than 50 000 people in Turkey and Syria, leaving hundreds of thousands people homeless. Erdogan, who faces a crucial election on May 14, pledged to rebuild 319 000 homes in one year.
The European Commission and the Swedish Presidency of the Council of the EU was due to host an International Donors’ Conference yesterday in Brussels to support the people impacted by the earthquakes. – Bloomberg
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