GEORGE FLOYD RIOTS HAVE COST MORE THAN $1B IN INSURANCE CLAIMS, MAKING THEM COSTLIEST RIOTS IN US HISTORY.
The total cost of damages from the riots sparked by the death of George Floyd surpassed the cost of the 1992 Rodney King riots, according to estimates from insurance claims throughout the United States.
The string of riots that followed Floyd’s death from May 26 to June 8 are expected to cost between $1 billion and $2 billion, according to Axios. The protests took place throughout 140 U.S. cities, with some of the demonstrations devolving into violent riots filled with vandalism, arson, and looting.
This year’s riots surpassed the destruction that took place in 1992 in Los Angeles between April 29 and May 4, following the acquittal of the officers who had beaten King. Those riots cost $775 million, or roughly $1.4 billion when adjusted for inflation.
Likely much more than $2 billion: “And that’s all without even considering the long-term economic impact rioting has on a community. We must also remember that riots leave a lasting shadow on a city that haunts its economy for decades. The afflicted areas face higher insurance rates, lower property values, higher prices, reduced tax revenue, and decreased economic opportunity.”