$5.1bn Physical Cash Destroyed By Earthquake In Syria – World Bank
Afimag.com –
The World Bank has on March 03, 2023, said that the February enormous earthquake that struck Syria destroyed a total of $5.1 billion physical cash.
Recall that the earthquake which struck on February 06, 2023, hit Turkey and Syria, destroying multiple cities as well as killing over 50,000 people in both countries.
More than a million people have departed from the countries needing critical assistance with accommodation and medical sustenance.
Related story: Turkey-Syria Earthquake Death Toll Rises To 45,000
According to the world bank latest estimate, the recent value of the damaged and destroyed capital stock is at about 10 percent of the country’s GDP.
It said, “The widespread damages impacted four governorates, where around 10 million of Syria’s population resides.”
The development lender added that its report does not cover broader economic impacts and losses for Syria, such as production or business interruption.
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The most severely-hit governorate was Aleppo, with 45 percent of the estimated damages. This was followed by Idlib and Lattakia.
A subsequent earthquake on February 20 caused added damage, and continued aftershocks are likely to add to damage estimates over time, said the World Bank.
Direct damages to residential buildings account for nearly half of the total, while infrastructure damages amounted to 18 percent of the total.
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“These losses compound years of destruction, suffering and hardship the people of Syria have been enduring,” said Jean-Christophe Carret, World Bank country director for the Middle East department.
“The disaster will cause a decline in economic activity that will further weigh on Syria’s growth prospects,” he added.
In a separate assessment last month, the bank estimated the earthquakes caused some $34.2 billion in direct physical damage in Turkey.