World Bank Gauges Turkey Quake Harm at $34bn

On October 30, 2020, Turkey was hit by a 7.0 magnitude earthquake that devastated the city of Izmir and surrounding areas. The death toll has risen to over 100, and thousands of people have been left homeless. The World Bank has estimated the cost of the damage caused by the earthquake to be around $34 billion. In this article, we will explore the aftermath of the earthquake and the economic impact it has had on Turkey.

The earthquake:

The earthquake hit Turkey’s Aegean coast, centered on the city of Izmir, which has a population of over 4 million people. The struck at 2:51 pm local time and was felt in neighboring Greece. The death toll has risen to over 100, with many people still missing. They also caused significant damage to buildings, infrastructure, and historical sites.

The aftermath

In the aftermath of the earthquake. Thousands of people were left homeless and in need of basic necessities such as food, water, and shelter. The Turkish government mobilized its resources to provide aid and assistance to those affected by the earthquake. Rescue teams from neighboring countries also came to Turkey to help with the search and rescue efforts.

The economic impact

The earthquake has had a significant economic impact on Turkey. The World Bank has estimated the cost of the damage caused by the earthquake to be around $34 billion. This estimate includes the cost of repairing or rebuilding damaged buildings and infrastructure. As well as the cost of providing aid and assistance to those affected by the earthquake.

The Turkish government has announced a number of measures to support those affected by the earthquake and to mitigate its economic impact. These measures include tax breaks for businesses affected by the earthquake, low-interest loans for businesses and individuals, and the allocation of funds to repair damaged infrastructure.

The international response:

The universal community has too revived to support Turkey Quake as the consequence. The European Union has pledged its support, and countries such as Greece, Russia, and France have offered assistance. The United States has also offered assistance, with the US Agency for International Development (USAID) providing $100,000 in immediate relief funding.

Conclusion:

The earthquake that hit Turkey in October 2020 had a devastating impact on the country. The loss of life, the destruction of infrastructure and historical sites, and the economic impact will be felt for years to come. However, the response from the Turkish government and the international community has been swift and decisive, providing hope for those affected by the earthquake.
The rebuilding process will be a long and difficult one. But with the support of the international community, turkey quake will be able to recover from this tragedy. The World Bank’s estimate of the cost of the damage caused by the earthquake underscores the need for continued support. Assistance to ensure that Turkey can rebuild and emerge stronger from this disaster.