Damage caused by 2019 Albania earthquake estimated at €985mn

By bne IntelliNews February 5, 2020

The 6.3-magnitude earthquake that hit Albania on November 26 caused €985mn in damages and requires €1.1bn for reconstruction efforts, Albania minister in charge of post-quake efforts Bledi Cuci said on February 5.

The report findings will be of key importance for the upcoming donors’ conference on February 17 organised by the European Commission.

The Post Disaster Needs Assessments (PDNA) report was drafted after 45 days of intensive work by foreign and domestic experts in line with the standards of the EU, the World Bank and UN agencies.

“The Albanian government will lead and implement the major reconstruction programme, which requires cooperation and an active citizens' approach,” Cuci said in a Facebook post.

According to the minister, the funds for the reconstruction programme, as well as 18 new construction sites in quake-affected areas, have been approved.

A joint mobilisation of financial resources is required to meet all needs and address any problems, Cuci said.

The earthquake destroyed more than 11,000 buildings, damaged 83,000 buildings and affected more than 200,000 people in the municipalities of Durres and Lezhe and in the capital Tirana.

Cuci said the government has allocated €180mn for reconstruction efforts while the EU has already given the country €13mn in grants.

Related Articles

EIF signs guarantee agreements with 11 banks in Western Balkans, unlocking €750mn for small businesses

The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more

EIB surpasses investment milestone in the Western Balkans by investing €1.2bn in 2023

EIB Global, the financial arm of the European Investment Bank (EIB) for activities beyond the EU, set a new record by investing €1.2bn in the Western Balkans in 2023, the EIB said on February 9. ... ... more

Albanian banks’ profits reach ALL28bn in 2023

Albanian banks reported profits of ALL28.5bn (€271.7bn) in 2023, according to data from the Albanian Association of Banks. All banks in the country reported a profit for the year.  The most ... more

Dismiss