Quake Latest: Rebuilding Cost in Turkey May Exceed $3 Billion

(Blumberg) —

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distro scale

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

BoFA estimates that Turkey’s reconstruction costs could range from $3 billion to $5 billion, or possibly more.

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

Important Developments

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(All times Istanbul, GMT +3)

Tombs Without Names (6:34 p.m.)

The death toll from the southern Turkey earthquake is so high that graves are being marked with numbers instead of names as authorities speed up burials. In Hatay province, bodies are transported to “earthquake cemeteries” after being checked at local hospitals. If identification is not possible, they will be buried after DNA samples, fingerprints and photos have been taken.

BoFA Estimates Rebuilding Costs at At Least $3 Billion (6:21 p.m.)

“At this point, it’s very difficult to put a figure on the total cost,” but the estimated cost of rebuilding collapsed and damaged buildings in Turkey is about $3 billion to $5 billion, said Bank of America Turkey economist Zumrut Imamoglu, in a note. “At least another $2-3 billion is needed to support affected people,” the report said.

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“Many other costs are associated with the disaster, such as repairing the energy and transport grid, destroying business activities, increasing bad loans and other humanitarian costs.”

Builders of Collapsed Building Arrested in Hatay, Turkey (18:08)

Turkish authorities detained the builder of a collapsed building in Hatay province, who is said to be trying to flee the country, the Haberturk news website reported.

Death toll exceeds 23,000 (5:17 p.m.)

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

According to President Erdogan, the number of injured in Turkey is over 77,000.

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Erdogan admits difficulties in anger about weak buildings (3:17 p.m.)

Erdogan on Friday accepted difficulties in deploying rapid response teams to the quake zone, highlighting the massive extent of the destruction.

Critics say the government’s delay in sending cranes and other heavy machinery to lift concrete slabs has missed a crucial opportunity to save people. Experts fear tens of thousands more are buried under the rubble, adding to the death toll.

Turkey plans “extensive” development program (3:17 p.m.)

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

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The state will pay rent for a year for tremor-affected people who don’t want to stay in tents, he added.

Iraqi Oil Cargoes Slowly Returning to Normal (3:10 p.m.)

According to Mohammed Saadoon, deputy general manager of Iraq’s state-owned oil marketing company SOMO, Iraqi oil shipments from Turkey’s Ceyhan terminal are “returning to normal.

Shipments have taken place from Ceyhan’s Quay 3; The other two quays are scheduled to be operational on Friday after maintenance, he said.

Read more: BP Says Azerbaijani Oil Exports From Turkey Still Before Restart (1)

Turkish Opposition Targets Regulators After Stock Market Turmoil (1:43 p.m.)

Turkey’s main opposition party filed a criminal complaint against leading market regulators, claiming they failed in their duties by refusing to halt trading on the country’s main stock exchange following the earthquakes.

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According to CHP MP Murat Bakan’s complaint, about 10% of all investors in the country lived in the earthquake zone.

Trading in the country’s stock market halted on Wednesday, the third day after the devastation.

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

UAE Flagship Airline Establishes Airbridge for Relief Efforts (1:32 p.m.)

Emirates airline of the United Arab Emirates will establish an air bridge to transport urgent relief supplies, medical supplies and equipment in support of earthquake relief efforts in Turkey and Syria, according to an emailed statement.

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

Opposition files legal complaint against government over Twitter blocking (10:51 am)

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

The CHP’s complaint was directed at communications watchdog BTK, President Erdogan’s top adviser Fahrettin Altun and Transport and Infrastructure Minister Adil Karaismailoglu. Although BTK did not specifically confirm the access restriction, it met with Twitter officials on Wednesday to warn against complying with local disinformation laws.

PKK says it will stop attacking Turkish targets (10:29 am)

Militants of the Kurdish separatist group PKK said they were halting “military actions” against Turkish forces after two earthquakes, according to ANF, a website containing the group’s statements. The group is considered a terrorist organization by Turkey, the EU and the US.

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Turkey asks Russia for approval for Syria aid delivery (9.40 a.m.)

Turkey is trying to get the green light from Russia to use new border crossings to deliver aid to earthquake survivors in north-west Syria, officials with knowledge of the matter told Bloomberg.

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

US will provide $85 million in aid (3:18 p.m.)

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

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Foreign Minister Antony Blinken and Turkey’s Foreign Minister Mevlut Cavusoglu are discussing additional aid the US can provide in support of Turkey’s relief effort, according to a State Department announcement.

Emergency rule officially comes into effect (12:01 a.m.)

A three-month state of emergency officially came into force in Turkey on Friday, allowing Erdogan to issue decrees, suspend or limit fundamental rights and freedoms, or take extraordinary security measures. Under the emergency regime, the government can prioritize public spending to repair damage inflicted on earthquake victims, or requisition money, property, or labor. It also allows authorities to draw on resources from financial institutions when public funds are unable to provide the funding needed to meet urgent and vital needs in a timely manner.

– Featuring Beril Akman, Inci Ozbek, Taylan Bilgic, Dana Khraiche and Patrick Sykes.