Vodafone exchange among schools and homes flooded
Floods have killed at least 29 people in and around Istanbul after the worst rainfall in 80 affected schools, hospitals and thousands of residential and office buildings, the FT reports.
Istanbul’s historical centre and financial district were largely unaffected, as were the city’s airports. The worst of the damage is in low-lying western areas on Istanbul’s European side, which have been built in the past few decades.
Ali Erlat, deputy general manager of the insurer Axa Sigorta said the costs of flood damage could reach $70m to $80m (£42m-£48m).
Sezai Saklaroglu, an analyst at Ata Invest, said about 30% of residential property in the Marmara region had insurance likely to cover flood damage.
Among the businesses affected is Vodafone’s Turkish arm.
