Quakes’ cost estimated at 2 trillion Turkish Liras
ANKARA
A report submitted to parliament by the Turkish Presidency estimated the total cost of the February earthquakes at 2 trillion Turkish Liras (around $103.6 billion).
Each ministry separately calculated the damages from the tremors and funds needed to repair those damages, daily Milliyet reported.
The cost of the earthquakes to the electricity generation sector is 711 million liras, while the total cost to the entire electricity sector in the region is 11.5 billion liras, according to the estimate by the Energy Ministry. The ministry calculated the cost at 1.26 billion liras for the natural gas sector.
The Health Ministry’s calculations showed that around 96 billion liras will be needed, including 20.6 billion liras for new equipment.
The Education Ministry said in its reports that almost all 17,479 facilities suffered from either mild or heavy damages.
The cost of repair and improvement work will cost around 161 billion liras.
The cost of the earthquakes to the properties and merchandise of businesses and tradesmen in the affected regions is more than 336 billion liras, according to the calculations by the Trade Ministry.
The Transport Ministry estimated the total cost at 436.5 billion liras. The size of the spending on investments, which have already started or will start in the period ahead, will be 29 billion liras, the ministry said
9 percent of GDP
The total damage to the cultural assets was 27 billion liras, showed the estimates made by the Culture and Tourism Industry. The cost to tourism facilities in those affected regions, including damage and funds required for repair work, is 2.4 billion liras.
The cost estimates can further change due to new information obtained, the presidency said in the report to parliament.
Funds will be needed from the central government budget to meet those costs, the report added, noting that 88.5 billion liras have already been allocated until April 1 and of which 55 billion liras have been spent.
All cost, forecast at 2 trillion liras, corresponds to around 9 percent of the estimated GDP in 2023, the report added.
