Israeli Wars Caused Enormous Damage to Lebanon, Salam Denounces

The accumulated economic cost of the Israeli wars against Lebanon in 2023 and 2026 could exceed 27 billion dollars, Lebanese Prime Minister Nawaf Salam affirmed today during a plenary session of Parliament.

Salam noted that, according to World Bank estimates, the war that began on October 8, 2023, caused losses of about 14 billion dollars.

Of that figure, approximately 7.2 billion corresponds to material damage, while another 6.8 billion is linked to economic losses derived from the paralysis of activities, the drop in production, and the reduction of income.

Regarding the current escalation, which began last March 2, he indicated that a preliminary World Bank assessment places direct physical damage between three and four billion dollars.

To that amount are added between four and five billion dollars in economic losses related to the interruption of productive activity and other indirect repercussions.

"Consequently, the sum of both wars has undoubtedly cost Lebanon more than 20 billion dollars, and the total cost could exceed 27 billion once the calculations corresponding to the 2026 war are concluded," Salam stated.

The head of the Lebanese government warned, however, that these estimates still do not reflect the total economic impact of the conflicts.

He explained that the calculations do not include the consequences derived from the emigration of qualified professionals, the loss of investments, the impact on the education sector, or the depreciation of land and other assets.

Nor do they contemplate, he added, the additional delay that the wars cause in the recovery from the serious financial and economic crisis that has affected Lebanon since 2019.

The statements come as Israeli attacks on Lebanese territory continue and concerns grow over the repercussions of the escalation on an economy already affected by years of crisis.