World Bank estimates $11B reconstruction bill for Lebanon after Israeli war
The war in Lebanon came as the country was already struggling with its worst economic crisis in decades.
BEIRUT — Lebanon’s reconstruction and recovery needs following the 13-month conflict between Hezbollah and Israel are estimated at $11 billion, a Friday report revealed.
The World Bank’s Lebanon Rapid Damage and Needs Assessment, conducted at the request of the Lebanese government, found that the conflict caused $6.8 billion worth of damages to physical assets and estimates that economic losses amounted to $7.2 billion.
Several key sectors in Lebanon have been hit hard by the war, particularly housing. According to Friday’s report, the sector incurred $4.6 billion (or 67% of the total) in damages, with recovery and reconstruction needs estimated at $6.3 billion (57% of the total). Around 45,400 housing units were destroyed, 74,300 partially damaged and 43,200 suffered light damage.
The damages were most concentrated in Nabatiyeh governorate, with reconstruction and recovery efforts amounting to around $4.7 billion, followed by the South governorate with needs estimated at about $2.4 billion. Mount Lebanon, which includes the southern suburbs of Beirut, a known Hezbollah stronghold, ranks third in terms of reconstruction and recovery needs amounting to around $1.7 billion.
