Buildings were set ablaze and politicians attacked as Nepal overthrew the KP Sharma Oli government earlier this week. The agitation had taken a rather violent turn on its second day — with key government buildings, private homes and even international hotels torched by the protestors. Many involved in the Gen Z agitation claim their otherwise peaceful movement was “hijacked by outsiders with agendas”. The extensive damage has now left insurers braced for brace for claims exceeding Rs 50 billion Nepali rupees (approximately 31,50,00,00,000 Indian rupees).
Two days of deadly violence had left the streets of Kathmandu resembling a war zone earlier this week — with at least 51 people killed and hundreds injured. The protestors set fire to the Nepali Supreme Court, presidential palace and Singha Durbar (which houses key government offices), and even torching the homes of leading politicians. Public property was damaged extensively in many areas and airports and other transit systems came to a screeching halt. Many homes, local businesses and shops were also vandalised and looted during the unrest.
Rs 31 billion in damages
According to Nepali media outlet Republica, the country is now braced for a massive economic fallout from the protests. Initial estimates shared by the the Nepal Insurers’ Association claims from property losses could exceed the Rs 50 billion mark — well above the levels recorded after the 2015 earthquake. Reports suggest that the hotel industry alone faced losses exceeding 25 billion Nepalese rupees due to vandalism, looting, and arson across the country.
Corporate and institutional properties were reportedly among the worst affected with international hotels, supermarket chains, schools and other companies taking a heavy hit. The publication also quoted the Nepal Bankers’ Association to report vandalism at multiple banks and outlets. Efforts remain underway to collect data about the full extent of losses.
Gen Z distances itself
The Gen Z protest groups have repeatedly distanced themselves from the chaos — blaming the destruction and escalation on provocateurs, infiltrators, and external forces who ‘hijacked’ their movement. Many of them have also released statements reiterating the “non-violent” nature of the agitation over the past week. The Gen Z groups now remain engaged in talks with the Nepal Army and President to select an interim government for the country. Videos shared online also showed many youngsters working to clean up the streets and rectify the recent damage.