Beirut Is the Toughest Recovery Imaginable

From the WashPost: Beirut needs billions of dollars it doesn’t have to rebuild after massive blast

“Beirut officials have estimated that the damage from the enormous blast that shook the city two weeks ago could reach $15 billion, though the true extent of the destruction remains unknown. At least 25,000 homes are so badly damaged that they are uninhabitable, according to the Beirut government.

And there are myriad hurdles for rebuilding, including a months-old financial crisis that has sent the value of the Lebanese currency plunging and prompted draconian banking restrictions that limit withdrawals even by those with money in their accounts.

Only a few homeowners have insurance, and they are being told they can’t receive a payout until the cause of the explosion is established by the government’s investigation, since damage due to war or terrorism is not covered. They say they have little hope of ever being compensated. In the meantime, landlords and long-term tenants are fighting over who should pay for repairs.”

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