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Thursday, September 19, 2024

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Seungah Hong

2023/03/11

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On the morning of February 6th, 2023, a 7.8 magnitude earthquake was recorded in southern Turkey and northern Syria. Without any warning, the first earthquake struck the city. . It was a completely unexpected disaster for all citizens, even for the experts. The earlier quakes killed 44,000 people in Turkey and Syria with tens of thousands more left homeless. The suffering caused by this sudden and drastic catastrophe resonated with anyone with a conscience.The extent of the damage is impossible to estimate with certainty, but it is an undeniable fact that it imposes a major impact on the Turkish economy. This disaster will require massive financial and institutional aid in order for the country to recover.


The economic consequences of this earthquake, so far, seem to be high inflation and a collapsing Turkish stock market. Due to the high magnitude of the earthquake, its agricultural sectors have been tremendously devastated. Because of this havoc, the Turkish Enterprise and Business Confederation has estimated the cost to rebuild the collapse at between 10 to 50 billion U.S.D. This appears conceivable as over 8000 buildings, roads, and seaports have been destroyed. In addition, intercity gas, oil, and electricity lines will need to be repaired as well. These factors, if not addressed, will severely limit their Turkish supply chain for exports. Turkey is fragmented and heavily damaged land now. The physical destruction has led to a growing number of casualties which is not only a human tragedy, but adequate measures should be introduced to address the severe financial losses and weaken the workforce.
Turkey is currently the world’s biggest refugee host country. About 3.6 million Syrian refugees live in southeastern Turkey where the earthquakes struck. In addition, because of this earthquake, the only border crossing where international aid can cross into Syria has been damaged. There is also an immense need for shelters so that people can seek cover from the elements. Experts recommend donating money instead of sending goods. Direct cash allows agencies to meet immediate needs, but it also allows a greater flexibility in being able to quickly purchase. There are approved organizations such as Syrian American Medical Society, UNHCR, UNICEF, and the White Helmets. In the current status quo, 120,334 search and rescue workers from government, NGOs and volunteer organizations are on the ground in Turkey along with global attention.


As the rescue efforts continue, and collapsed buildings start to be cleared, it might be evident that many more buildings that have not collapsed yet are already damaged beyond repair. The international community should pay careful attention to them and continue to provide help to survivors. Many people have been killed and injured out of a population of roughly 400,000 and many of the survivors will need warm blankets. It is an urgent call for the international societies to help them recover rapidly from the disaster.

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Economics

Seungah Hong

The Earthquake in Turkey and Syria: An Unprecedented Devastation

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