World Bank estimates Syria's three-year earthquake recovery needs at $7.9 billion

FILE PHOTO: Salam Mahmoud, a volunteer at the Syria Civil Defence (White Helmets), walks with other volunteers on the rubble of a building, that was damaged by last month's devastating earthquake, in rebel-held al-Maland village, in Idlib province, Syria March 5, 2023. REUTERS/Khalil Ashawi

The World Bank on Monday said the February earthquakes are expected to have caused Syria's real GDP output to contract by 5.5% in 2023, with recovery and reconstruction needs estimated at $7.9 billion over three years.

The World Bank said its Rapid Damage and Needs Assessment report estimates the earthquakes that hit northern and western Syria on Feb. 6 and Feb. 20 caused physical damage of $3.7 billion in the country, with another $1.5 billion in economic losses for a combined damage impact of $5.2 billion.