Violent Riots Cost French Businesses Over $1 Billion

Amid the continued riots spreading across France, a new report shows that the violence has cost French businesses over $1 billion.

Roughly 3,500 people have been arrested throughout the fiery and violent riots — which came in response to the police shooting of an Algerian teenager. At the time of the incident, police were attempting to conduct a traffic stop on the vehicle the teen was driving, but he refused to stop and instead drove through a red light. Eventually, police were able to catch up with the vehicle when it was stuck in traffic. The teen once again tried to drive away after police demanded that he exit the vehicle, prompting an officer to shoot the teenager.

Following the shooting, riots began spreading throughout Paris and other cities — with rioters setting buildings on fire and clashing with French police. The rioters even attacked the home of the mayor of the Paris suburb L’Haÿ-les-Roses, Vincent Jeanbrun. While Jeanbrun was not home at the time, his wife and two children were. His wife and one of his children were injured while fleeing from the violent mob that crashed a burning car into their home. The local prosecutor has described this attack as an “assassination attempt.”

French business association Medef has estimated that the looting and arson committed during the riots has cost businesses more than $1 billion. Speaking with a French newspaper, Medef President Geoffroy Roux de Bézieux noted that the effects of the riots may be long-lasting.

“The videos of the riots that circulated around the world hurt the image of France,” he told the outlet. “It’s always difficult to say if the impact will be long-lasting, but there will certainly be a drop in reservations this summer, although the season had seemed promising. Many have already been canceled.”

In their report on the riot damage, Medef revealed that roughly 200 businesses have been looted, while 250 tobacco stores and 300 banks were destroyed. The $1 billion estimate will likely end up growing in the coming days, as it did not take into account other buildings, such as churches or homes, that were also damaged in the riots.

French Finance Minister Bruno Le Maire spoke out about the destruction, suggesting that the French government would provide aid to those whose livelihoods were destroyed by the rioters.

“If your store has been burned to the ground and a life’s work has been reduced to ashes, the state must be by your side,” he stated. “We’ll do everything necessary so that economic activity can calmly pick up again in our country as quickly as possible.”

Videos of the violent riots have gone viral on social media, with many comparing them to the George Floyd riots across the United States in the summer of 2020.