Conflicting information has emerged regarding the actual cost of the Turkey earthquake. While a government official reported that losses could exceed $50 billion, the Turkish Union of Chambers and Stock Exchanges announced that this devastating earthquake could cost Turkey approximately $84.1 billion.
The earthquake, the most powerful in nearly a hundred years, has placed a heavy economic burden on Ankara, which is required to provide shelter, food, and psychological and social care for survivors, along with compensation for affected families.
With the estimated costs, the distribution will be as follows:
- $70.8 billion for the reconstruction of thousands of damaged homes.
- $10.4 billion as losses in national income.
- $2.9 billion related to labor losses.
Additionally, the cost includes economic indicators such as:
- The estimated cost of each death, which exceeds one million dollars.
- The Turkish lira dropping to a new record low, recorded at 18.85 against the dollar.
- A decrease in Turkey's main stock index by 4.6%.
- The number of buildings that were damaged, either destroyed or cracked, has exceeded 6,000.
- It is noteworthy that Turkey's trade deficit, both domestic and foreign, stands at $110 billion.
The Turkish government has announced that the reconstruction process will take approximately a year, during which it will need to:
- Rebuild housing,
- Construct transportation lines,
- Restore infrastructure,
- Meet short, medium, and long-term needs,
- Shelter hundreds of thousands who have become homeless.
In this context, it is expected that the total cost of the earthquake will be much greater than the figures mentioned.
