The Strategist

French entrepreneurs estimates damage from riots at over €1B

07/04/2023 - 07:11

Geoffroy Roux de Bezieu, the leader of the Movement of the Enterprises of France, said that over €1 billion in losses were incurred by French businesses and banks as a result of the riots. It's too early to identify the precise figure, he said.

philippe leroyer
philippe leroyer
According to the Movement's assessment, 200 stores were totally looted, 300 bank branches were damaged, roughly 250 tobacco shops were robbed, and some things were set on fire.

The damage projections do not account for potential tourism losses. "The videos of the riots have gone viral and damaged France's reputation. It is never easy to predict if the effects will continue, but this summer, just when the season seemed good, there will undoubtedly be a decline in bookings; some people have already postponed holidays, according to Geoffroy Roux de Bezieu, as reported by Le Parisien.

The head of Paris' tourism agency, Jean-François Rial, told AFP last week that up to 25% of reservations made by foreigners, particularly Americans, had been canceled at Parisian hotels.