New study estimates Morocco earthquake damage at $300mln

A new assessment by the Policy Center for The New South put the material damage of Sept 8 earthquake at 3 billion dirhams ($300 million), accounting for nearly 0.2% of Morocco’s GDP.

The quake which hit vast swathes in the High Atlas mountains killed 3000 people and damaged 59,674 buildings, of which 32% were destroyed completely, and 68% partially.

Al Haouz province, where the epicenter is located, lost 10.2% of its GDP to the quake, that is 53% of the overall economic damage.

The government has allocated 12 billion dollars to a five-year program to help quake-stricken population, upgrade destroyed infrastructure and spur the local economy.

“The earthquake on September 8, 2023, was more of a human tragedy with moderate economic losses, especially at the macroeconomic level,” the report said.

“This conclusion is generally supported by the analysis of some high-frequency financial indicators, showing the resilient nature of the Moroccan economy following the natural disaster,” it said.

Up to March, Morocco offered 1 billion dirhams in reconstruction aid to 51,300 families whose houses were totally or partially destroyed in the quake.

The government has offered 20,000 dirhams in a first stage aid to families to start rebuilding their homes and started disbursing a second batch of 40,000 dirhams, according to government’s figure.

Morocco has promised to offer 140,000 for totally demolished homes and 80,000 for partly destroyed ones following the quake that killed nearly 3000 people.

Quake-stricken families are receiving 2500 dirhams monthly for a year.