Report: South Lebanon incurs $1.2 billion in losses due to war
The economic losses in south Lebanon have reached around $1.2 billion since the beginning of the Israel-Hezbollah clashes on October 8, a study has found.
The study, which has been conducted by non-governmental sources, was reported Thursday by the Asharq al-Awsat newspaper.
“These are losses that are mainly related to the destruction that has affected infrastructure, roads, buildings and agricultural land. There is also around $300 million in indirect losses due to the closure of businesses,” the daily said.
Mohammad Chamseddine, policy and research specialist at Information International, told Asharq al-Awsat that “520 homes have been totally destroyed and 3,300 others have been partially damaged.”
“There is an entire economic cycle that has ground to a halt in the South, seeing as a lot of businesses and factories have stopped functioning, in addition to major losses in the agricultural sector, especially olive crops and forests,” Chamseddine added.
Since the outbreak of war between Israel and Gaza-based Palestinian militant group Hamas on October 7, the Lebanese-Israeli border has seen near-daily exchanges of fire between Israel and Hezbollah, a Hamas ally.
Israel has repeatedly bombarded Lebanese border villages, killing 227 people, mostly Hezbollah fighters but also 27 civilians including three journalists. On the Israeli side, 15 people have been killed in the northern border area including nine soldiers and six civilians, according to the Israeli army.
The fighting has also displaced tens of thousands of residents on both sides of the border.