Egypt Loses Billions of Dollars over Red Sea Conflict
NATO: the crisis in the Red Sea has serious repercussions in various parts of the world
The conflict in the Red Sea is having a “devastating impact” on the Egyptian economy. Since the Yemeni Houthis launched attacks on commercial shipping in the fall of 2023, Egypt has suffered financial losses exceeding $8 billion. According to Egyptian Foreign Minister Badr Abdelatty (pictured), “the escalating conflict in the Red Sea poses a serious threat to freedom of navigation. Egypt, with the Suez Canal, is the most affected country, losing more than $600 million dollars per month.”
In this context, the Egyptian diplomatic chief affirmed that regional stability is necessary to guarantee common security and prosperity: “Military superiority will not bring peace. Only the recognition of the legitimate rights of the Palestinian, Lebanese, and the entire region’s peoples will be able to build a lasting peace,” Badr Abdelatty said, adding that “respect for international law is the only way forward.”
According to Giuseppe Cavo Dragone, former chief of staff of the Italian armed forces and now president-designate of the NATO military committee, the Red Sea crisis has serious repercussions in various parts of the world: “In September 2024, a 62% reduction in trade passing through the Suez Canal was registered, as companies decided to choose other routes, which gave Russia and China an advantage,” Kavo Dragone emphasized.
Riccardo Fallico’s in-depth analysis of the global impact of the Suez Canal blockage
