Natural Disaster

Kahramanmaras Earthquake and the Economy

by Hassan Al-Shama | 07 Feb 2023

Much like the 7.8 magnitude Kahramanmaras Earthquake, international communities need to come hand in hand.

Earthquakes can have significant impacts on the economy of affected countries, including Turkey. In the aftermath of a quake, businesses can be severely disrupted and even destroyed, leading to loss of income, job losses, and a decrease in overall economic activity. Governments must take swift action to address these impacts and alleviate concerns and troubles faced by affected communities.

One of the ways in which businesses and governments can mitigate the impacts of earthquakes is by investing in disaster risk reduction and preparedness measures. This includes improving building codes and retrofitting existing structures, as well as conducting evacuation drills and emergency response planning. Governments can also provide financial support to businesses, such as grants and loans, to help them recover and rebuild.

The international community can also play a critical role in supporting recovery efforts in the aftermath of an earthquake. This can include providing humanitarian assistance, funding for disaster relief and recovery programs, and sending technical experts to help with rebuilding and reconstruction efforts.

To ensure resilience and business continuity in the face of earthquakes, it is important for businesses to have contingency plans in place. This includes having backup systems for critical operations, such as data backup and disaster recovery plans. Businesses should also consider the use of disaster insurance to help mitigate the financial impact of earthquakes.

In conclusion, earthquakes can have severe impacts on the economy and communities affected. Governments, businesses, and the international community must work together to address these impacts and ensure resilience and business continuity. By investing in disaster risk reduction and preparedness, as well as having contingency plans in place, we can help to minimize the impacts of earthquakes and support communities and businesses in the recovery process.

On behalf of the Hylman Group, our continuous thoughts and prayers go out to the families affected in Turkey and Syria, and are keen to support however we can in building stronger resilience systems.

Hassan Al-Shama

CEO | Strategy, Real Estate, Commerce

Exposed to a wide array of sectors, Hassan consolidates his global experiences and packages that through innovation brought to the table believing in the vision of changing the way we do things. He believes that full potential is still locked away and clients are not getting the optimal value needed. With transformational strategies, Hassan leads with a vision of a bright future to fix the limitations and unleash a world of prosperity.

Natural Disaster

Kahramanmaras Earthquake and the Economy

Much like the 7.8 magnitude Kahramanmaras Earthquake, international communities need to come hand in hand.

by Hassan Al-Shama | 07 Feb 2023