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The financial damage of the earthquakes is expected to be 84.1 billion dollars

TÜRKONFED prepared a report on the economic effects of Kahramanmaraş-centered earthquakes.

The financial damage of the earthquakes is expected to be 84.1 billion dollars

Turkish Enterprise and Business Confederation (TÜRKONFED) stated that the earthquakes in Kahramanmaraş will cause financial damage exceeding 84 billion dollars for the Turkish economy.

In TÜRKONFED's report titled "The Disaster Situation Report of the Kahramanmaraş Earthquake in 2023", estimations for loss of life and financial damage were prepared based on the data of the 1999 Marmara earthquake.

In the report, while the loss of life in the Marmara Earthquake was 18 thousand 373 people, the financial damage was calculated as 17.1 billion dollars at the 1999 dollar exchange rate, it was predicted that the Kahramanmaraş earthquakes would cause 72 thousand 663 loss of life and 84.1 billion dollars in financial damage, with the methodology using the Marmara earthquake data.

It is estimated that $70.75 billion of this estimated financial damage will be housing loss, $10.4 billion loss of national income and $2.91 billion loss of working days.

In the report, it was estimated that in parallel with the decrease in the contribution of the provinces to the national income, the exports of the 10 provinces that were subjected to the disaster may decrease below the level of 15 billion dollars, with the impact of the deterioration of the port infrastructure that carries the exports.

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