Experts specializing in natural disasters estimate the economic damage from the devastating earthquake in Turkey and Syria, which occurred on February 6, in more than $20 billion. Meanwhile, the U.S. company Verisk Analytics initially estimated that only a small part of that amount -- about one billion dollars -- was insured, Reuters reported Thursday, Feb. 16.

In turn, the disaster is projected to cost Turkey up to one percent of its gross domestic product (GDP). The earthquake mainly affected agricultural areas and regions with light industry, so the impact on other sectors is limited, Beata Javorcik, chief economist at the European Bank for Reconstruction and Development (EBRD), told Reuters. Reconstruction work could offset the negative impact on infrastructure and supply chains within a year, she believes.

This year's growth forecast for Turkey, the EBRD's biggest recipient of funds, has been revised downward from 3.5 percent to 3.0 percent. This estimate does not yet fully account for the impact of the natural disaster.Increased external financing needs and political uncertainty surrounding this year's elections have added to the uncertainty, the EBRD said.