The Economic Damage from the Earthquakes in Turkey and Syria is Revealed

Experts specialized in disasters estimate the economic damage caused by the devastating earthquakes in Turkey and Syria on February 6 to exceed $20 billion. According to initial estimates from the American company Verisk Analytics, only a fraction of this amount, approximately $1 billion, was insured. This was reported by Reuters.

Forecasts suggest that the natural disaster could cost Turkey up to one percent of its gross domestic product (GDP).

“The earthquakes primarily affected agricultural and light industrial areas, so the impact on other sectors is limited,” said Beata Javorčik, Chief Economist at the European Bank for Reconstruction and Development (EBRD), in an interview with Reuters. She believes that recovery efforts could offset the negative impact on infrastructure and supply chains within a year.