The economic costs of the earthquake in Morocco

Natural disasters are among the phenomena that cause the most economic damage. When we review the history of these disasters we will realize that the damages caused to the countries where they occur are substantial and go beyond human lives, which is the most important thing, but also considerably affect buildings, infrastructure, agriculture, commerce and all aspects of the socioeconomic life of the affected territory.

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Among these phenomena are hurricanes, cyclones, volcanoes, tornadoes, earthquakes, among others. But, among them, the most deadly are earthquakes because they cannot be predicted in advance and when they occur the damage is considerable.

Many earthquakes are still fresh in our memory, such as those of Mexico, Pakistan, Peru, Chile, Haiti, Libya, Japan and many more that would make the list endless.

However, in this publication we will refer to the damage caused by the most recent earthquake that affected a country, in this case on the African continent: MOROCCO.

Morocco is a country located in the north of Africa and has a relief dominated by mountains and elevated areas. This type of relief manifestations makes it prone to natural phenomena such as earthquakes that can be of great intensity.

The fateful September 8, 2023

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September 8, 2023 will remain in the memory of the survivors of Marrakech and the inhabitants of Morocco as a day that changed their lives forever. When many of the people of Marrakech were finishing their work for the day and preparing for their daily rest, disaster struck. It was 6:11 p.m. and they were shaken by an earthquake measuring 6.8 on the Richter scale, which is considered a major earthquake that caused thousands of casualties, including deaths and injuries, and considerable damage to the entire city.

Economic damage

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Marrakech is one of the most important cities in Morocco and one of the most developed. One of the most important sectors of the city is tourism.

Considerable damage to the city's infrastructure
Collapse of several houses of the inhabitants of the place.
As a consequence of the impact of the earthquake, electricity was cut, roads were damaged and transportation was paralyzed. Other important services such as telephone, gas and internet were also interrupted.
Businesses, industries, commercial and residential areas were destroyed.
According to data from the World Tourism Organization, losses in the tourism sector will exceed US$ 2.4 billion, which was what the country earned in the first three months of the year. But, in the author's opinion, the figure should be higher because this sector was a fundamental source of employment and investment in the country and all this will be affected. To give an idea of the impact of this natural phenomenon: In Morocco, the Gross Domestic Product receives 11 percent of its earnings from the tourism sector.

For some sectors it has been a considerable economic loss. For others, such as agriculture and construction, it will be an absolute gain because the country will have agriculture as responsible for the country's exports and construction as a fundamental part of the country's recovery process.

By way of conclusion

The almost three thousand deaths caused by this earthquake have affected the life of a country that had been focusing its economic growth in sectors that were affected and seriously damaged as a consequence of the natural phenomenon.

Although there are no exact figures on economic losses, it is to be assumed that the country has suffered considerable economic damage in industry, services, tourism and commerce. Likewise, many of its projects and export commitments have been compromised and all this has a very negative effect on economic growth and adds to the price to be paid by the economy of this country.

Note: The photos were taken from Pixabay and the translator used was DeepL Translate.