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The Beirut explosion caused up to $ 4.6 billion in physical damage

August 31, 2020

The massive explosion in the port of Beirut on August 4th caused physical damage of up to $ 4.6 billion, according to the latest estimate published by the World Bank on Monday in cooperation with the EU and the United Nations, in coordination with the Lebanese authorities and local organizations.

According to this first quick damage assessment, the devastating explosion caused physical damage between $ 3.8 billion and $ 4.6 billion, while the resulting losses in the economic flow would be between $ 2.9 billion and $ 3.5 billion. Sectors hardest hit include housing, transportation and cultural goods such as places of worship and archeology, as well as museums, theaters and other monuments.

For this year and the following year, the reconstruction and restoration needs of the public sector are estimated at 1,800-2,200 million, with between 605 and 760 million needed for this year immediately, and between 1,180 and 1,460 million in the short term, in 2021.

The Beirut explosion caused up to $ 4.6 billion in physical damageThe Beirut explosion caused up to $ 4.6 billion in physical damage

The tragedy, which left at least 190 people dead and thousands injured, resulted in economic penalties due to physical capital destruction, trade disruption and loss of tax revenue for the government, the World Bank said in your statement.

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