World Bank estimates quake damage in Turkey to exceed $34 billion

The World Bank says the two major earthquakes that hit southern Turkey on February 6 caused an estimated 34.2 billion dollars in direct physical damages in Turkey. The figure is the equivalent of four percent of the country's GDP in 2021.

The World Bank released a rapid damage assessment report for Turkey on Monday.

The organization says that direct damages to residential buildings is estimated at 18 billion dollars, accounting for the largest part of the total damage.

It says that recovery and reconstruction costs will be much larger, potentially twice as much as the direct damages, if losses from disrupted economic activities and the impact on agriculture and employment are taken into account.

It also estimates that 1.25 million people have been rendered temporarily homeless following the powerful earthquakes.

The World Bank is expected to release a separate damage estimation report for Syria on Tuesday.