Beirut Port blast damage could exceed $20bn, fuelling funding concerns

Beirut Port blast damage could exceed $20bn, fuelling funding concerns

Economic damage caused by the Beirut Port explosion is likely to exceed $20 billion, according to a new study.

Strategy&, PwC's strategy consulting subsidiary, said that on top of the immediate devastation of the explosion, the event has also left a devastating crater in Lebanon's already-crumbling economy.Adding to the damage to infrastructure, businesses, housing, cultural and social costs of the blasts, Strategy& estimates that the bill stands at around $5 billion.

This figure excludes damage to public infrastructure, such as the port buildings and roads, and indirect economic impacts, such as export and supply chain disruptions, which are estimated at some $15 billion.

The report found a significant shortfall in funding for the reconstruction of Beirut. Distrust over the country's leadership and the global recession at hand mean Lebanon faces a massive funding