Lebanon was already in financial crisis before the explosion in Beirut — and now experts are predicting devastating consequences

• The deadly explosion that rocked Beirut on Tuesday may have devastating consequences for a country already in financial crisis.
• Inflation has caused Lebanon's currency to plunge in value since October 2019, and prices of basic food staples have skyrocketed.
• Almost half of Lebanon's population lives below the poverty line, and 33% of the country is unemployed.
• Tuesday's explosion is likely to contribute to anti-government sentiment, experts are predicting.
• View more episodes of Business Insider Today on Facebook.

The seismic explosion that tore through Beirut on Tuesday, will have devastating consequences for a country already reeling from a financial crisis.

The blast, which killed more than 100 people and injured thousands more, occurred at a warehouse in Beirut's port area, where nearly 3,000 tons of explosive materials were being stored.

But the blast also destroyed Beirut's main grain silo at the port — the largest grain storage facility in the entire country of Lebanon — leaving the country with less than a month of grain reserves, according to Reuters.

See the rest of the story at Business Insider

See Also:

• Aerial footage shows the full scale of Beirut's devastating explosion, which killed 100 and reduced buildings into rubble
• Lebanon's devastating blast came in the middle of an unprecedented economic crisis, frequent power outages, and hospitals struggling to contain the coronavirus
• Hospitals in Beirut were so badly damaged by the explosion that many can't admit new patients

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