Istanbul investments in the background of earthquakes
The earthquake that took place in Turkey in 1999, around 150-200 kilometers from Istanbul, left a devastating effect. The magnitude of the quake was above 7 on the Richter scale. As per records, at least 18373 people died, and 48901 were injured. Many buildings collapsed, which created no less than a massacre in the city. Thus, this major earthquake was enough to ruin the economy and infrastructure of Istanbul. But, with time, many investments were made for earthquake prevention and control. And it helped the city to revive. So, here are some investment-related facts made in Istanbul in the background of earthquakes.
Investment in earthquake-related projects for risk mitigation
The massive earthquake of 1999 taught the Istanbul government and investors how important it is to be ready for a disaster. Thus, many investors are now making huge investments to improve the aftermath management of earthquakes. One such group of changemakers of Impact Hub Istanbul started working on risk mitigation caused due to earthquakes. They developed an AI system that can help families reunite during earthquakes by calculating safe and short roads. Moreover, the Scientific and Technological Research Council of the Turkish Republic granted US$12 million for research purposes. This investment was made to a consortium for a multilateral and multidisciplinary research project on earthquakes. It focuses on multidisciplinary studies in the Istanbul region, which is a seismic gap. This research program started in November 2005 and got completed by 2009.
Investments made in the city after the massive earthquake
The earthquake of 1999 startled the root and foundation of Istanbul. According to the World Bank, it caused final damages worth $6 billion. The earthquake crumbled many buildings and public infrastructures of the city. And this led to a huge economic loss for Istanbul. So, to revive the city from this devastation, the Federation launched an investment program for several construction projects. It included the development of five schools in the affected areas. Also, investments were made for the implementation of earthquake-resistant construction mechanisms within these new buildings.
Development projects in Istanbul based on the background of earthquakes
For effective mitigation planning for earthquakes, the city implemented 4 major projects. They are as follows:
- Imm-zeytinburnu pilot project (2003-2010)
- World Bank-supported mitigation projects
- ERL (1999) with a budget support of $252 million
- MEER (1999) with a backing of $505 million
- Seismic retrofitting of viaducts and bridges
- Istanbul seismic risk mitigation and emergency preparedness project (2005) worth $400 million
These projects primarily focus on reducing the overall social and financial impacts of future earthquakes. Thus, it comprises the following activities:
- Increasing emergency preparedness and risk mitigation
- Reconstructing critical public facilities
- Enforcement of building codes and land usage plans
Though the huge economic loss caused by the massive earthquake of 1999 in Istanbul is hard to recover from, the city is trying its best to cope up. Many investments have been made till date to improve the situation. However, these investments also serve as a novel approach in mitigating future earthquakes in Istanbul.