Total earthquake damage to private sector companies in the region hit by the devastating February 6 earthquake is USD 11,8 billion, according to Official Gazette. ,
The size of the total economic damage caused by the earthquake that struck Southeastern provinces on February 6 has become clear.
Total cost: USD 103 billion
According to the information included in the Presidential Annual Program published in the Official Gazette, housing damages account for USD 56.9 billion of the total damage cost calculated at USD 103 billion.
Accordingly, housing damage accounts for the largest part of the cost with USD 56.9 billion. This amount includes emergency demolition, demolished, heavily and moderately damaged houses. The damage of the public sector is USD 12.9 billion, while the damage estimate of the private sector is USD 11.8 billion. The emergency expenditure amount is stated as USD 6.8 billion, the cost of household goods is USD 3.1 billion, excavation cost is USD 2.2 billion, and motor vehicle damage reaches USD 300 million. According to the calculation, the loss of income of tradesmen is estimated at USD 700 million, DASK (earthquake insurance) payments at USD 1.9 billion dollars, motor vehicle insurance payment at USD 100 million, and GDP output loss at USD 6.9 billion.
Credit restrictions for second homes may also be extended
In the program, it is stated that the restriction on the use of credit for the purchase of second homes will be monitored in the same way as the restriction on credit cards. Likewise, additional measures will be taken against decisions that reduce the loan-to-value ratio and increase the credit risk weight.
Rent and vehicle sales will be digitally recorded
Digital recording systems will be established to overcome the administrative record deficiencies in housing/workplace rents and second-hand vehicle sales. Transactions such as both rent and second-hand vehicle sales will be recorded digitally.
New measures may be introduced for credit cards
In the 12th Development Plan, the implementation details of the measure numbered 369.4, which reads “practices that will prevent consumption increases that disrupt economic balances and feed inflation will be implemented”, drew attention. In the relevant section, it was noted that the effects of the decisions taken to support the fight against inflation, especially the installment periods for credit card purchases of goods and services and cash withdrawals, will be analyzed. It was emphasized that additional measures will be taken in this regard if deemed necessary.
