World Bank estimates Lebanon blast caused damages up to $4.6 billion

The World Bank Group on August 31 estimated that Lebanon incurred damages worth $3.8-4.6 billion after the country's capital Beirut was rocked by two massive explosions. The World Bank on Monday released damage and needs assessment report in cooperation with the United Nations (UN) and the European Union (EU), where the group recommended a framework for Reform, Recovery, and Reconstruction (the ‘3Rs’) to build back a better Lebanon based on principles of transparency, inclusion, and accountability. 

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World Bank said that the 3Rs framework combines "people-centred recovery and reconstruction interventions with structural reforms that include macroeconomic stabilization, governance reforms, the private sector operating environment, and ensuring human security".

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The report offered low and high range for values of physical damages, economic losses, and priority needs for Calendar Year 2020 and Calendar Year 2021. It said that the most affected by the damages were the housing and culture sectors. Losses were put at $2.9-3.5 billion, with housing being the most hit followed by transport and culture. The report also estimated recovery and reconstruction needs for Lebanon at $1.8-2.0 billion, with transport needs put at the highest followed by culture and housing.

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Beirut blast

Lebanon's capital Beirut was struck by massive explosions on August 4 killing at least 177 people and injuring thousands of others. According to reports, the explosion was caused by 2,700 tonnes of ammonium nitrate, equivalent to 1.2 kt of TNT, that was unsafely stored at Beirut port since 2014 and was purportedly triggered by an intense fire nearby the warehouse. The blast that left nearly 3,00,000 people homeless is said to be among the most powerful non-nuclear explosion in recorded history. 

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