The recent riots in France, sparked by the tragic death of a North African teenager at the hands of a policeman, have resulted in significant economic losses.
The recent riots, considered one of the most destructive, have raised concerns about social divisions caused by multicultural policies and the potential for further unrest in neighboring countries.
However, the financial impact of the riots has received little attention, despite its magnitude.
According to Geoffrey Roux de Bézieux, the director of the French employers’ association Mouvement des Entreprises de France (MEDEF), the cost of the riots has already surpassed 1 billion euros.
(Rioters have burned down the largest library in France. The Alcazar Library in Marseille included an archive of one million historically significant documents)
Over 200 stores were looted, 300 bank branches were destroyed, and 250 tobacconists were attacked with extreme violence.
The losses include stolen goods, damaged property, and the subsequent need for restoration.
Insurers are working to expedite compensation, but it’s worth noting that premiums may rise due to increased risks associated with future riots.
These figures, however, do not capture the full extent of the damage.
The riots have also affected vital sectors like tourism, negatively affecting France’s image.
Roux de Bézieux emphasizes that the impact on tourism is yet to be quantified but expects a decline in bookings for the promising summer season.
In addition, public institutions such as schools and libraries have suffered significant financial losses, requiring substantial funds for restoration.
To put the situation in perspective, the riots following George Floyd’s death in the United States cost an estimated 2 billion euros across 22 cities.
France has already exceeded 1 billion euros in damages as a much smaller country.
Beyond the immediate economic consequences, the riots contribute to growing citizen discontent.
They add to the financial burden of managing immigrant communities, including costs related to housing, education, and unemployment benefits, which already strain public finances in countries like France and Germany.
This situation further fuels negative perceptions of immigration among the native population.
Even before the riots, most French people expressed concerns about excessive immigration and believed that the disadvantages outweighed the advantages.
Recognizing the significant economic impact of these riots in France is crucial.
The financial losses, along with the resources required for policing and managing immigrant communities, contribute to growing discontent and raise questions about the costs and benefits of immigration policies.