World Bank estimates damage from Turkey earthquakes at $34 billion

(Patria) - The devastating earthquake on February 6 and subsequent tremors that hit southern Turkey have caused damage worth more than $34 billion to the country, the World Bank announced.

The amount is equivalent to four percent of Turkey's 2021 GDP, the Washington-based institution stated, adding that the estimate does not include reconstruction costs which were "potentially twice as high," according to the statement.

The estimate also does not take into account the damage caused in northern Syria. The World Bank warned that ongoing aftershocks are likely to increase the total amount of damage caused by the disaster.

"This disaster serves as a reminder of the high earthquake risk in Turkey and the need to increase the resilience of public and private infrastructure," said Humberto Lopez, World Bank Country Director for Turkey.

The World Bank also estimates that 1.25 million people were temporarily left homeless due to damage to residential buildings.

It added that direct damage to residential buildings accounted for 53 percent of the estimated damage, with 28 percent of the damage observed in non-residential buildings, and the remainder in infrastructure such as roads and bridges, AFP reported.