Türkiye: Government's 2023 cash support for Kahramanmaras earthquakes exceeds $3.46bn
Source: Middle East Insurance Review | Mar 2024
Following the massive 6 February earthquakes centred on Kahramanmaras Province in 2023, the amount of cash support provided to earthquake victims reached TRY105.46bn ($3.46bn), according to information from the Ministry of Treasury and Finance.
The cash aid handed out was for costs such as the urgent needs of citizens hit by the disaster, death benefits to the relatives of those who lost their lives in the earthquake, fuel expenses of citizens travelling in the earthquake zone in their own vehicles and rental assistance.
While the amount of expenditure in the 2023 budget to mitigate the devastating effects of the magnitude 7.8 and 7.5 earthquakes and the reconstruction of damaged cities reached approximately TRY950bn, it is envisaged that some expenditure, especially for housing construction and various infrastructure needs, would be reflected in the 2024 Budget. This year, TRY1.28tn is allocated for earthquake-related spending, reported SigortaMedya.
Furthermore, TRY502bn is expected to be allocated for 2025 and TRY491bn for 2026. The total expenditure for the disaster is expected to reach approximately TRY3tn in the 2023-2026 period.
More than 59,000 people lost their lives, and an estimated 3m people were displaced by the quakes. Official government figures put the cost of direct physical damage at TRY1.6tn and indirect economic costs at TRY350bn.
Allianz Commercial said in its “Allianz Risk Barometer 2024” report that the costliest Nat CAT event globally in 2023 was the Kahramanmaras earthquakes that struck Türkiye and Syria, causing insured losses of over $6bn. M