The South African authorities say they are still assessing the economic impact of the looting and violence that broke out after the jailing of former president Jacob Zuma.
According to data provided by the country’s Property Owners Association, more than 200 shopping centres had been looted while over $1m worth of stock was lost in Durban alone.
Chairman of the Association, Khumbudzo Ntshavheni while giving the estimates revealed that the estimated cost to the economy in KwaZulu-Natal province alone has been put at well over $1bn.
About 1,400 cash point machines had been targeted in the looting that saw 90 pharmacies destroyed.
This does not include the damage in Johannesburg – that’s still being assessed.
Meanwhile, a minister in the president’s office said the unrest and looting had affected 40,000 businesses in KwaZulu-Natal Province adding that poverty and unemployment played a big role in the looting.
He thereafter noted that the situation could get worse as 150,000 jobs is currently at risk by the unrest.