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Business News/ News / World/  Rebuilding cost in Turkey may exceed $3 billion. Key updates

Rebuilding cost in Turkey may exceed $3 billion. Key updates

  • BoFA estimates that rebuilding costs in Turkey could be between $3 billion and $5 billion, or possibly more.

Local residents walk in the rubble of a destroyed mosque in Hatay, after the 7.8 magnitude earthquake that killed over 20,000 people.

Turkish President Recep Tayyip Erdogan said the initial state response had been slowed by the fact that emergency personnel and their families were themselves trapped under collapsed buildings.

BoFA estimates that rebuilding costs in Turkey could be between $3 billion and $5 billion, or possibly more.

The death toll in Turkey and Syria surpassed 23,000, with tens of thousands still missing.

The body count from the earthquake in southern Turkey is so high that graves are being marked by numbers instead of names as the authorities expedite burials. In Hatay province, corpses are being transported to “earthquake cemeteries" after checks at local hospitals. If identification cannot be established, they are interred after DNA samples, fingerprints and photographs are taken.

BoFA Estimates $3 Billion or More Reconstruction Cost

“It is very hard to put numbers on total cost at this point" but the estimated reconstruction cost of collapsed and damaged buildings in Turkey is around $3-5 billion, Bank of America’s Turkey economist Zumrut Imamoglu said in a note. “At least another $2-3 billion needed for supporting impacted people," according to the report.

“There are many other costs associated with the disaster such as repair of energy and transport network, destroyed business activity, increase in NPLs and other humanitarian costs."

Builder of Collapsed Building in Turkey’s Hatay Detained

Turkish authorities detained the contractor of a collapsed building in Hatay province, allegedly trying to flee the country, Haberturk news website reported.

Death Toll Surpasses 23,000

The number of dead in Turkey and Syria rose to 23,425 according to Turkish officials and the Syrian Observatory for Human Rights, which uses a network of activists on the ground. Tens of thousands of people were still missing.

The number of injured in Turkey is over 77,000, according to President Erdogan.

Erdogan Concedes Difficulties Amid Anger Over Weak Buildings

Erdogan on Friday accepted difficulties in dispatching immediate response teams to the quake zone, highlighting the massive scale of the destruction.

Critics say the government’s delay in sending cranes and other heavy machinery to lift slabs of concrete missed a critical window of opportunity to save people. Experts fear tens of thousands more people are buried under the rubble, meaning the number of fatalities is likely to keep rising.

Turkey Plans ‘Extensive’ Development Program

The government is preparing an “extensive" post-quake development program and will need “both the help of the nation and of other countries," President Erdogan said.

The state will cover a year’s worth of rent for people affected by the quakes who don’t want to stay in tents, he added.

Iraqi Oil Loadings Slowly Returning to Normal

Iraqi oil loadings from Turkey’s Ceyhan terminal are “getting back to normal," according to Mohammed Saadoon, deputy director general of Iraq’s state oil marketing company SOMO.

Loadings have taken place from Ceyhan’s Quay 3; the other two quays are set to enter service Friday after maintenance, he said.

Turkish Opposition Targets Regulators after Equities Turmoil

Turkey’s main opposition party filed a criminal complaint against top market regulators, alleging they failed to fulfill their duties by refusing to halt trading on the nation’s main stock exchange following the earthquakes.

About 10% of all investors in the nation were living in the earthquake zone, according to the complaint by CHP deputy Murat Bakan.

Trading in the nation’s equity market was halted on Wednesday, on the third day after the devastation.

The two institutions declined to comment when contacted by Bloomberg on Friday.

UAE Flagship Carrier to Set up Airbridge for Aid Relief

UAE carrier Emirates will will set up an airbridge to transport urgent relief supplies, medical items and equipment to support quake relief efforts in Turkey and Syria, according to an emailed statement.

The first shipments are due Friday, consisting of high thermal blankets and family tents from various NGOs.

Opposition Files Legal Complaint Against Government Over Twitter Blockage

The CHP filed a criminal complaint against top government aides for restricting access to Twitter earlier this week during critical hours of search and rescue efforts after two devastating earthquakes.

The CHP’s complaint targeted communication watchdog BTK, President Erdogan’s top aide Fahrettin Altun, and Transportation and Infrastructure Minister Adil Karaismailoglu. While BTK didn’t explicitly confirm restricting access, it met with Twitter representatives on Wednesday to warn about adhering to local disinformation laws.

PKK Says It’s Halting Attacks Against Turkey Targets

Militants of Kurdish separatist group PKK said it’s halting “military action" against Turkish forces in the aftermath of twin earthquakes, according to ANF, a website that carries the group’s statements. The group is considered a terrorist organization by Turkey, EU and the US.

Turkey Seeks Russia Approval for Syria Aid Delivery

Turkey is trying to get a green light from Russia to use new border crossings for delivering aid to earthquake survivors in northwest Syria, officials with knowledge of the matter told Bloomberg.

Ankara is in talks with Moscow to allow a flow of international supplies through Turkish border crossings Oncupinar and Cobanbey in Kilis province, in addition to an existing one further west, the officials said, asking not to be identified as the negotiations are ongoing.

US Will Provide $85 Million in Aid

The US will provide $85 million in urgent humanitarian assistance to Turkey and Syria, the US Agency for International Development said in a statement. US AID is delivering emergency food and shelter for refugees and newly displaced people, winter supplies, critical health-care services, safe drinking water and sanitation assistance, according to the statement.

Secretary of State Antony Blinken and Turkish Foreign Minister Mevlut Cavusoglu discussed additional assistance the US can provide to support Turkish relief efforts, according to a readout from the state department.

Emergency Rule Officially Goes into Force

A three-month state of emergency officially went into force on Friday in Turkey, enabling Erdogan to issue decrees, suspend or restrict basic rights and freedoms or take extraordinary security measures. Under emergency rule, the government can prioritize public spending to address harm caused to quake victims or commandeer money, property or labor. It also enables authorities to tap into resources of financial institutions if public funds fail to provide the financing necessary to meet urgent and vital needs in time.

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This story has been published from a wire agency feed without modifications to the text.

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