World Bank estimates earthquake in Turkey caused $34.2 billion in damage; rebuilding may cost double
World Bank officials say 'direct damages' in Turkey equal to 4% of country's GDP in 2021
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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.
The massive earthquake caused widespread destruction in southern Turkey and northern Syria and killed more than 48,000 people. (Burak Kara/Getty Images / Getty Images)
Officials said GDP losses would add to the earthquake's cost.
The magnitude 7.8 earthquake devastated parts of southern Turkey and northern Syria on Feb. 6.
The quake is estimated to have caused $34.2 billion in "direct damage" in Turkey, the World Bank said. (IHA agency via AP / AP Newsroom)
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.
The World Bank said rebuilding could cost the country double the estimated damages. (IHA agency via AP / AP Newsroom)
AFAD's chief urged people not to enter damaged buildings, saying strong aftershocks continue to pose a risk. More than 10,000 aftershocks have hit the region since Feb. 6.
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On Monday, a magnitude 5.6 earthquake rocked southern Turkey, causing more than two dozen already damaged buildings to collapse and killing at least one person, authorities said.
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The bank will release a separate report on the damages Syria incurred from the quake on Tuesday, Reuters reported.
The Associated Press contributed to this report.