Egypt Loses $1 Billion from Suez Canal Blockage

Egypt Loses $1 Billion from Suez Canal Blockage

Lt. Gen. Oussama Rabie, head of the Suez Canal Authority, said at a press conference on Thursday the blockage of the Suez Canal by the container ship MV Ever Given imposed a billion dollars in damages on Egypt.

Lawsuits stemming from the incident will probably take years to resolve, as some $50 billion in global trade was disrupted by the six-day blockage.

Rabie said the ship is currently being held in the Bitter Lakes near the canal while the accident is investigated. Cairo political science teacher Said Sadek told Voice of America News that investigation could be very sensitive, both because of the massive lawsuits certain to flow from the accident, and lingering questions about what might be carried aboard the gigantic ship and its thousands of shipping containers:

“If it is not done, big trouble, because in this case, according to international law and Suez Canal

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