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Tuesday, June 18, 2024

Turkey, earthquake. Economic losses – estimates

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Members of the Turkish Confederation of Enterprises and Business (Turkonfed) estimate that the economic losses caused by last week’s earthquake in Turkey could amount to more than $80 billion. This is about 10 percent of gross domestic product.

Entrepreneurs fear that the loss of lives will exceed 72,000.

Infrastructure damage is the largest part of economic losses. Turkonfed members estimate that the value of destroyed Turkish residential buildings will exceed USD 70 billion. In their opinion, losses in national income will reach USD 10.4 billion, while the value of lost working days exceeds USD 2.91 billion.

Expert warning

This means that the earthquake caused total losses of about 10 percent. GDP.

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More than a week after the catastrophic earthquake, many victims are still camped out in the open, in cars or in temporary shelters. Experts warn of a security and health crisis in the region.


The epicenter of the 7.8 magnitude earthquake that struck southeastern Turkey and northern Syria on the night of February 5-6 was in the Turkish province of Kahramanmaras. The cataclysm caused huge damage on a distance of several hundred kilometers from the Syrian city of Hama to the Turkish Diyarbakir. Dozens of smaller quakes followed.

By Tuesday, the number of victims in both countries exceeded 37.6 thousand. 31,974 people died in Turkey and 5,814 in Syria. More than 158,000 people were evacuated from southern Turkey and made homeless.

Main photo source: PAP/EPA/TOLGA BOZOGLU

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