The World Bank estimates that the earthquake in Turkey caused $34.2 billion in damages; Rebuilding could cost twice as much

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The World Bank estimated on Monday that the massive earthquake that struck Turkey earlier this month caused $34.2 billion in damage and that rebuilding from the destruction could cost twice as much.

The World Bank said the estimated $34.2 billion comes in “direct damage” – the equivalent of 4% of the country’s GDP in 2021.

According to the bank, the cost of recovery and reconstruction could be up to double.

“Our experience is that reconstruction needs can be two to three times the estimated direct physical damage,” said Anna Berdy, World Bank Group Vice President for Europe and Central Asia.

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The massive earthquake caused widespread destruction in southern Turkey and northern Syria, claiming more than 48,000 lives. (Burak Kara/Getty Images/Getty Images)

Officials said the GDP losses would add to the cost of the quake.

An earthquake measuring 7.8 on the Richter scale struck parts of southern Turkey and northern Syria on February 6.

The World Bank said the earthquake caused direct losses of $34.2 billion in Turkey. (IHA via AP/AP Newsroom)

The quake killed more than 48,000 people in both countries and 185,000 buildings collapsed or severely damaged in Turkey. The World Bank has also estimated that 1.25 million people have been left temporarily homeless.

The World Bank said reconstruction could cost the country twice the estimated damage. (IHA via AP/AP Newsroom)

The disaster and emergency management chief urged people not to enter damaged buildings, saying strong aftershocks still pose a danger. The region has been hit by more than 10,000 aftershocks since February 6.

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A 5.6-magnitude earthquake rocked southern Turkey on Monday, causing the collapse of more than two dozen already damaged buildings and killing at least one person, authorities said.

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Reuters reported that the bank will release a separate report on damage to Syria from the quake on Tuesday.

The Associated Press contributed to this report.

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