A 7.5M earthquake in Istanbul would affect half of national income

A possible 7.5-magnitude earthquake in Istanbul would affect half of the national income, Istanbul Chamber of Industry (ISO) President Erdal Pehlivan said on Wednesday, adding that an inventory is urgently needed to determine the status of earthquake safety of industrial facilities in the city.

"Unfortunately, if we do not reduce the expected risk to an acceptable level, we will all pay the price as a country," he said.

Bahçıvan pointed out that according to the studies conducted by ISO in cooperation with the Istanbul governor in the past period, about 80% of industrial plants in the city were built before Golcuk earthquake, which also left considerable damage in Istanbul.

He added:

"We believe that all industrial companies in Istanbul should undergo a safety check. This is because the buildings in Istanbul are old and multi-storied. As a result of this check, the unsuitable buildings must be rebuilt very quickly. Above all, we urgently need an inventory that shows the status of earthquake safety of the industrial facilities in Istanbul”

Bahcivan pointed out that Istanbul is at the center of all economic processes, from the supply chain to finance, and that it also plays an important role in the Turkish economy: "At the same time, the scale of the devastating impact of the earthquake that will occur in Istanbul is crucial for the future of our country."

'BIG ECONOMIC IMPACT'

Bahcıvan also made an assessment of the industrial impact of the recent earthquakes in Turkey.

"153 of the 1000 largest industrial enterprises in Turkey are located in the earthquake zone. There will also be industrialists who have serious problems in the machinery of our destroyed factories; it is important how quickly they will resume production."