A private think tank in Japan estimates that the damage to homes, factories, roads and other infrastructure from the seven-point-six-magnitude earthquake that devastated the Noto Peninsula in western Japan on New Year's Day will reach 816-point-three billion yen (5.6 billion dollars).

According to Japanese media, Takahide Kiuchi of Nomura Research Institute called the number a provisional estimate as the full extent of the damage remains unknown.

Kiuchi estimated that about 19,000 homes were destroyed or damaged in Ishikawa Prefecture, the site of the disaster.

Japan's Cabinet Office estimated that the 2011 Tohoku earthquake resulted in about 16-point-nine trillion yen in damage, while the 2016 Kumamoto earthquake resulted in about four-point-six trillion yen in damage.

The estimated damage from the New Year's Day quake is about four-point-eight percent of the 2011 Tohoku disaster.

An analyst from SMBC Nikko Securities forecast that the earthquake would drag down Japan's GDP by about 64 billion yen due to severed logistical networks and power outages. However, the estimate did not include recovery and rebuilding construction, which would likely boost the GDP.