World Bank Estimates Earthquake in Turkey Caused $34.2 Billion in Damage; Rebuilding May Cost Double
The World Bank on Monday estimated that the massive earthquake in Turkey earlier this month caused $34.2 billion in damage and rebuilding from the devastation may cost twice as much.
The estimated $34.2 billion comes in the form of “direct damages” – an equivalent of 4% of the country’s GDP in 2021, the World Bank said.
The recovery and reconstruction cost could be potentially twice as large, according to the bank.
“Our experience is that reconstruction needs can run as high as two to three times the estimated direct physical damage,” said Anna Bjerde, World Bank Group vice president for Europe and Central Asia.
That quake led to more than 48,000 deaths in both countries and the collapse or serious damage to 185,000 buildings in Turkey. The World Bank also estimated that 1.25 million people had been left temporarily homeless.
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