The earthquake that has devastated Turkey and Syria could cause economic losses exceeding $4 billion, ratings agency Fitch said on Thursday.
More than 17,500 people have died so far in the 7.8 magnitude earthquake that struck Turkey and Syria on Monday, and the toll is expected to rise as rescuers comb the rubble for survivors.
"Economic losses are hard to estimate as the situation is evolving, but they appear likely to exceed" $2 billion and could reach $4 billion "or more", Fitch Ratings said.
Insured losses will be much lower, possibly around $1 billion, due to low insurance coverage in the area, it added.
Video: Student trapped under debris in Turkey shares location on WhatsApp, rescued
France pledges 12 mn euros in Syria quake aid
Meanwhile, France on Thursday promised 12 million euros (almost $13 million) in emergency aid to Syrians after the earthquake that hit Turkey and neighbouring Syria earlier this week.
The aid would be disbursed "through non-governmental organisations and the United Nations in all regions affected", foreign ministry spokesman Francois Delmas said.
Watch: Syrian boy smiles, plays with rescue workers who pulled him out of rubble
EU offers Erdogan 'full solidarity' after quakes
In related news, the 27 EU leaders wrote to their Turkish counterpart President Recep Tayyip Erdogan on Thursday to express their "full solidarity" and offer more emergency aid after a devastating earthquake.
"We stand ready to further step up our support in close coordination with the Turkish authorities. Our thoughts will continue to be with you and your people," they said.
The leaders sent their message at the start of their Brussels summit. Diplomats had said they would try to arrange a video call with Erdogan but it was not clear if this would be possible.
(With inputs from AFP)
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