$84.5 billion.. Cost of reconstruction in Turkey after the earthquake

About 23 days after the devastating earthquake that struck Turkey and Syria, leaving thousands of victims and injured, the estimates of its economic losses are changing.

The economic losses of the devastating earthquake in Turkey so far have been estimated at more than $84 billion. 11 states need reconstruction, as more than 6,000 buildings fell, which will put pressure on Turkey's budget, which was not in a good condition before the earthquake.

$84.5 billion

The cost of reconstruction is putting pressure on Turkey's budget reach for $84.5 billion.

The earthquake destroyed 11 states in half a minute, which requires huge sums of money to rebuild those cities again, and Turkish President Recep Tayyip Erdogan promised to provide new housing for millions of those affected within one year.

  According to estimates by a group of heads of major companies in Turkey, the cost of the repair is expected to reach $84.5 billion.

A Turkish official revealed to Reuters that net borrowing will amount to 661 billion liras ($35 billion) within the framework of the 2023 budget.

The official said that it will not be enough now, and completing the year with the current budget does not look easy, and an additional budget will be needed.

Threats to agricultural and industrial activity

The earthquake-affected areas in Turkey contribute 9% of the GDP, through major industrial areas in Gaziantep and the port of Iskenderun, which pass through the region's products exported to the world.

Unai Tamgak, a professor of economics at Top University of Economics and Technology in Ankara, said that the repercussions of the devastating earthquake will affect agricultural production, as the region provides 14.3% of Turkish agricultural production, including hunting and forestry products.

$6 billion.. Donations

A donation campaign, organized by a large number of Turkish stars through a televised broadcast, succeeded in collecting 115.1 billion liras ($6 billion) in 7 hours, as the country's central bank led the donation campaign.

And Anatolia Agency stated that the Central Bank Governor, Shihab Qawuji Oglu, said in a phone call during the live broadcast, that the Central Bank will donate 30 billion liras ($1.5 billion), the Turkish Ziraat Bankasi Bank donated 20 billion liras ($1.06 billion), and Halkbank donated an amount of 7 billion pounds (370 million dollars).