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ΑρχικήEnglishTurkey’s Economic Toll Could Reach $84 Billion

Turkey’s Economic Toll Could Reach $84 Billion

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(Bloomberg) — Turkey has widened its probe into contractors after the collapse of buildings in two massive earthquakes, as search and rescue efforts near the one-week mark.

Nearly 35,000 people have been confirmed dead across Turkey’s southeast and Syria in the 7.7 and 7.6-magnitude temblors, with many still unaccounted for.

A Turkish business group said the economic losses in the powerful quakes that jolted the region on Feb. 6 could reach $84 billion, far exceeding calculations from other economists.

Key Developments:

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  • Why Turkey’s Next Election Is a Real Test for Erdogan: QuickTake
  • Turkish Anger Turns to Erdogan Over Quake Delays, Weak Buildings
  • Quake Aid Is Political Pawn as Powers Clash Over Syria Access
  • Turkish Opposition Targets Market Regulators After Stock Turmoil
  • Turkey Wants Russian Green Light for Faster Aid Flow Into Syria
  • Turkey’s Main Opposition Files Complaint Over Twitter Blackout

(All times Istanbul, GMT+3)

Probe of Builders, Construction Work Widens (11:40 pm ET)

Thousands of buildings collapsed across Turkey and Syria following the Feb. 6 quakes, and now 134 contractors are being investigated for potentially shoddy construction work, Turkish Justice Minister Bekir Bozdag said. At least three people have been arrested, seven detained and another seven barred from leaving Turkey, AP reported, citing the Justice Ministry. While the country’s construction codes on paper meet earthquake-engineering standards, they are rarely enforced, the AP said.

US Secretary of State Blinken to Visit Turkey, News Website Says (7:56 p.m.)

US Secretary of State Antony Blinken will visit Turkey next week to show solidarity with the earthquake-hit Nato ally, according to the London-based Middle East Eye news website, which cited two Turkish sources.

The people said Blinken’s visit had been arranged before the earthquake. The State Department hasn’t so far announced a trip to Turkey by the top US diplomat.

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Israeli Team to Return Home, Citing Security Risk (6:49 p.m.)

“Due to a significant security threat on the Israeli rescue and relief mission in Turkey, and following a joint situational assessment with the heads of the IDF Home Front Command and Search and Rescue Units,” United Hatzalah’s rescue mission in Kahramanmaras, an epicenter of the quakes, will end, according to an emailed statement.

The IDF delegation will return to Israel in the coming days, army spokesman’s office in a text message to journalists. No security risk was mentioned in the statement.

Tanker Loadings of Azeri Oil Resume at Turkey’s Ceyhan Terminal (5:30 p.m.)

Loading restarted on Sunday afternoon, Tamam Bayatli, a spokeswoman for BP’s Baku office, said by email.

BP invoked force majeure on Azerbaijani oil exports via the terminal, which is not far from the epicenter of the quakes, as it did an assessment of possible damage.

Loadings of Azeri Oil Resume at Turkey’s Ceyhan Terminal

Death Toll Near 35,000 (4:56 p.m.)

The death toll in Turkey from the two quakes rose to 29,605, disaster management agency AFAD said. In Syria, the toll is 5,273, according to the Syrian Observatory for Human Rights, which uses a network of activists on the ground.

Thousands of people are still missing, some 80,000 were injured and more than 6,400 buildings in Turkey have been destroyed, according to government figures. The death toll has now far exceeded that of the 1999 earthquakes near Istanbul, when about 18,000 people died, according to official figures.

Turkey Detains 59 on Looting Accusations (3:27 p.m.)

Justice Minister Bekir Bozdag said 57 people have been detained in quake areas on accusations of looting.

$84 Billion of Economic Loss Expected in Turkey (3:05 p.m.)

Two powerful earthquakes that killed over 24,000 people in Turkey are expected to cause an economic loss of over $84 billion — or about 10% of the GDP — according to estimates of business group Turkonfed.

Of the total cost, $70.1 billion will be housing losses while $10.4 billion will be loss of national income, the group said and also pointed out infrastructural damages in roads, electricity, natural gas, oil pipelines, communications, hospital and schools.

Turkish Business Group Sees Quakes’ Economic Toll at $84 Billion

Qatar’s Ruling Emir Visits Erdogan (3:00 p.m.)

Qatar’s ruling emir Sheikh Tamim bin Hamad Al Thani met with President Erdogan in Istanbul, NTV news channel reported, without providing further detail.

Spain’s Rescue Team Returns Home (11:57 a.m.)

A 33-person Spanish rescue team is returning home after participating in rescue efforts in Adiyaman province, NTV news channel reported. A team of 160 from the US started rescue efforts in the province, according to the station.

Dozens of rescue teams from the international community have come to Turkey to help with the relief response.

UN Aid Chief Expresses Health Concerns Over Sanitation (11:20 a.m.)

UN aid chief Martin Griffiths, speaking to Sky News, voiced health concerns related to sanitation in the quake zone, warning of diseases in the absence of safe water and electricity.

Greek, Turkish foreign ministers meet in quake-hit province (10:52 a.m.)

Greek Foreign Minister Nikos Dendias met with his Turkish counterpart Mevlut Cavusoglu in Adana, one of the Turkish cities hit by the deadly earthquakes last week. Dendias was due to then travel to Hatay, a province that also severely suffered from the disaster.

Greece joined dozens of countries that rushed to Turkey’s help in the face of the massive destruction caused by the powerful temblors, even as the neighbors remain at loggerheads over long-running territorial conflicts in the Aegean and eastern Mediterranean.

Turkey Goes After Builders, Others for Shoddy Construction (1:10 a.m.)

Turkish Vice President Fuat Oktay said 113 detention warrants were issued for suspects in investigations against those deemed responsible for shoddy construction in the quake area.

On Friday, the Turkish bar association filed a criminal complaint against builders, auditors and administrative officials responsible for such buildings, saying that their negligence amounted to manslaughter.

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