WB: Earthquake damage in Türkiye estimated to exceed $34B

The two very large earthquakes of February 6 caused an estimated $34.2 billion in direct physical damages in Türkiye, the equivalent of 4% of the country’s 2021 GDP, according to a World Bank rapid damage assessment report released on February 27, Report informs referring to the bank's message.

The report also acknowledges that recovery and reconstruction costs will be much larger, potentially twice as large, and that GDP losses associated to economic disruptions will also add to the cost of the earthquakes.

Continued aftershocks will also likely add to this damage estimate over time, says the report, which has been prepared to help inform the early response of the World Bank Group and its partners and to support government planning for recovery and reconstruction in Türkiye.

The February 6 earthquakes of 7.8 and 7.5 magnitude, followed by more than 7,500 aftershocks and two additional earthquakes, have resulted in the largest such disaster to hit the country in over 80 years, and have inflicted the heaviest damage in 11 provinces in southern Türkiye.