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George Floyd protests cost Minneapolis $55m so far, President Trump responds

George Floyd's killing-induced Protests damage property worth at least $55M
Jordan
Major
1 year ago
3 mins read

On June 3, preliminary assessments indicated that over $55 million worth of property had been damaged in Minneapolis and counting. Riots in the aftermath of George Floyd’s death have so far resulted in the vandalization and torching of at least 220 buildings.

But the number of vandal cases and financial losses are expected to go up as the unrest continues. The destruction spreads far beyond the 3rd Police Precinct. Stores and businesses along the Lake Street Corridor from the Mississippi River to Uptown were destroyed, according to minnesota.cbslocal.com. Greta Sandquist, an artist from St. Paul, said:

“It’s disheartening to come here and see the restaurants and the shops that we love all boarded up.”

Minneapolis city will need state and federal help to rebuild the structures after the riots, according to Mayor Jacob Frey. City officials are still assessing the damages aiming to come up with a comprehensive tally of the destruction. They say any of the preliminary numbers will highly likely change.

Mayor Frey said that he expects the full cost of the damages to increase significantly across both Twin Cities. He added:

“We will do everything we can as we shift to recovery mode. We’re recovering from crises sandwiched on top of each other, from COVID-19 to the police killing and the looting which took place afterward.”

Before the George Floyd incident, the city was already facing a budget crisis with deficits of $165 million due to COVID-19. Frey and City Council will expectedly amend the 2020 budget to account for the losses.

President Trump’s Response

As the riots continue to unfold, President Donald Trump had his say on the killing of George Floyd. He acknowledged that it was a terrible thing that should never have happened.

Something snapped with the policeman and the other three officers watching nearby also abetted in the killing, according to Trump.

Currently, the country needs law and order. Trump said that some criminals and ‘bad group of people’ are taking advantage of the Floyd incident to vandalize and loot.

The president defended his decision to bring in the National Guard to bring Minneapolis back to order.

Although the country needs healing, tough decisions must be made to maintain law and order and uphold safety in American cities. President Trump also promised to intervene in the places that spur out of control.  

President Trump speaks about the ongoing protests across American cities

Recovery

Mayor Frey said he has communicated with Governor Tim Walz, and they are expected to work together on their recovery efforts. Also, the mayor believes that the city will apply for state and federal bailouts.

Until that happens, the community members have taken the initiative of pitching in to support Minneapolis neighbourhoods. Over $1 million has been raised to help stores and businesses in north Minneapolis.

Additionally, the West Broadway Business and Area Coalition announced that it would soon outline its plan to use the raised money. On their part, the Lake Street Council members have raised $3.45 million to help revive businesses in the area.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.