Astonishing bill from the World Bank: Turkey Earthquake Fact

Exactly 465 billion dollars!
While talking about an 80 billion dollar bill to replace the demolished buildings, the World Bank announced the amount of money required to make all the houses in Turkey earthquake resistant: About half a trillion dollars!


More than 50 thousand buildings in 10 provinces were either destroyed or severely damaged due to the 7.7 and 7.6 earthquakes. While it is estimated that the money required to clean and rebuild these structures is not less than 80 billion dollars, the eyes are turned to millions of houses in Turkey that are not earthquake resistant. The World Bank has announced an astonishing bill regarding the urban transformation works to be carried out to make these houses earthquake resistant.

According to the research of the Washington-based World Bank, 465 billion dollars are needed to make millions of houses earthquake resistant in Turkey. It is stated that most of the houses built before 2000 are vulnerable to earthquakes, urgent reinforcement is needed and only 4 percent of the 6 million 700 thousand buildings have been renovated so far.

Given the enormous amount of money required for regeneration, the World Bank admits: "Given the scale of the urban regeneration objective, existing public financing mechanisms to support the durable retrofitting or rebuilding of homes at risk are not sufficient to meet large financing needs."

It is stated that World Bank experts held joint online meetings with officials from the Ministry of Environment and Urbanization and managers of relevant institutions in Japan. At these meetings, it was discussed how middle and lower income groups can access the financing needed to transform their buildings.

According to the news on the Middle East Eye site, it will not be easy to obtain external financing for housing renovation projects in the coming period. Bulent