Storm-ravaged Libya faces a long road to recovery as humanitarian groups ask for million in aid

Storm-ravaged Libya faces a long road to recovery as humanitarian groups ask for $71 million in aid

Published

2 years ago

September 18, 2023

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Members of the rescue teams from the Egyptian army carry a dead body as they walk in the mud between the destroyed buildings, after a powerful storm and heavy rainfall hit Libya, in Derna, Libya September 13, 2023.

Ahmed Elumami | Reuters

Storm Daniel has left Libya, a country grappling with conflict and economic crisis for over a decade, in catastrophe. With little resource for search and rescue, experts warn that humanitarian partners will need tens of millions of dollars to respond to the needs of those impacted on the ground.

According to the UN Development Programme, “humanitarian partners are requesting $71.4 million to respond to the most urgent needs of 250,000 people targeted out of the 884,000 people estimated to be in need, over the next three months.” Roula Abubaker, a spokesperson for UNDP, told CNBC the organization is still gathering data from the mission on the ground to determine the full cost of the damage.

Over 3,000 people have been killed and more than 9,000 remain missing with the toll expected to rise, according to the World Health Organization, but numbers have been difficult to verify. Meanwhile the International Organization for Migration estimates 40,000 people have been internally displaced following the storm. Medical centers are struggling to treat civilians and morgues are running out of space for the deceased.

Maxar satellite imagery of streets amd neighborhoods after the catastrophic flooding that struck the Libyan coastal city of Derna.

Maxar Technologies | Getty Images

“No matter how many pictures you see about Derna, you did not see anything. We don’t need water or food. We need specialized and experienced rescue teams,” Mohamed Elkwafi, a volunteer with the Eastern Libyan National Army Security Units in Derna, told CNBC.

The rare Mediterranean hurricane tore through dams in Libya’s eastern port city of Derna, Soussa, Benghazi, Albayda and several other cities, leaving a grim aftermath. The storm moved over land, resulting in severe flash floods and extreme rainfall that collapsed infrastructure and homes. Storm Daniel developed in early September over Greece causing fatalities before migrating to Turkey and Bulgaria and through North Africa.

Libya’s political challenge

Libya’s government has been marred by conflict since 2011 after the fall of dictator Moammar Gadhafi, who ruled the oil-rich North African country for four decades. The government was split into two administrations after renewed tensions from the rise of militias in 2014. One administration is based in the country’s east and the other in the capital Tripoli. A ceasefire was brokered in 2020 but Libya remains deeply fragmented after the Government of National Unity was formed in Tripoli in 2021.

A man sits on a damaged car, after a powerful storm and heavy rainfall hit Libya, in Derna, Libya September 12, 2023.

Esam Omran Al-Fetori | Reuters

Abdul Hamid Dbeibeh rules as the internationally recognized prime minister in Benghazi. Another rival government was formed in 2022 in the east called the Government of National Stability, leaving two parties vying for control.

Despite the deep divisions between the east and the west, when it comes to search and rescue, Mohamed Elkwafi told CNBC he has been working “with all the security units, medical teams, and rescue teams as one team.”

Libya’s reconstruction

The Central Bank of Libya convened an emergency meeting last Thursday to discuss support for the impacted areas. The bank shared the outcome on X, formerly known as Twitter: “The committee reached a number of recommendations, the most important of which is opening a bank account with the Central Bank of Libya, specifically dedicated to collecting donations from commercial banks.” The financial institution was previously split in two entities in 2014 for nearly a decade but reunified in August.

Libya’s economy has struggled since the fall of Gadhafi with decentralization, but the country’s vast oil and gas reserves, which are the biggest in Africa, remain its dominant source of revenue. While terminals initially closed, the storm has not impacted Libya’s output, which is around 1.2 million barrels per day. The World Bank projected this year a potential uptick in economic growth with help from monetary contributions if conflict ceases.

The International Monetary Fund has yet to announce financial aid but Managing Director Kristalina Georgieva tweeted: “The IMF stands ready to provide the Libyan authorities any assistance they may need.” The IMF began re-surveilling Libya in June after a decade-long hiatus.

General view of flood water covering the area as a powerful storm and heavy rainfall hit Al-Mukhaili, Libya September 11, 2023, in this handout picture.

Libya Al-Hadath | via Reuters

Jalel Harchaoui, a Libya specialist and fellow at the London-based think tank Royal United Services Institute says that Derna’s road to recovery will be an expensive one.

“The 2.5 billion dinars ($51M) carved out by the Tripoli authorities is a big amount to mobilize out of budget for rebuilding, but it’s still nothing compared to the damage that was experienced,” he told CNBC.

“I think you would have to multiply this number by probably 10 or 20 to rebuild all the other municipalities.”

Last week UN Secretary General for Humanitarian Affairs and Emergency Relief Coordinator Martin Griffiths announced a $10 million emergency financial aid package for Libya. Other countries that pledged support include the EU, U.S., UK, Egypt, Qatar, Jordan, Tunisia, Kuwait, Turkey, Italy, and the United Arab Emirates.

But Harchaoui is skeptical it will be enough, adding “I think if we don’t reach $5 billion dinars then it means that there’s no real possibility of dignified reconstruction efforts.”

Environment

Two charged in $650 million global crypto scam that promised 300% returns

Published

2 hours ago

July 8, 2025

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Two charged in 0 million global crypto scam that promised 300% returns

A U.S. Justice Department logo or seal showing Justice Department headquarters, known as “Main Justice,” is seen behind the podium in the Department’s headquarters briefing room before a news conference with the Attorney General in Washington, January 24, 2023.

Kevin Lamarque | Reuters

Federal prosecutors have charged two men in connection with a sprawling cryptocurrency investment scheme that defrauded victims out of more than $650 million.

The indictment, unsealed in the District of Puerto Rico, accuses Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, of operating and promoting OmegaPro, an international crypto multi-level marketing scheme that promised investors 300% returns over 16 months through foreign exchange trading.

“This case exposes the ruthless reality of modern financial crime,” said the Internal Revenue Service’s Chief of Criminal Investigations Guy Ficco. “OmegaPro promised financial freedom but delivered financial ruin.”

From 2019 to 2023, Sims, Reynoso and their co-conspirators allegedly lured thousands of victims worldwide to purchase “investment packages” using cryptocurrency, falsely claiming the funds would be safely managed by elite forex traders, the Department of Justice said.

Prosecutors said the pair flaunted their wealth through social media and extravagant events — including projecting the OmegaPro logo onto the Burj Khalifa, Dubai’s tallest building — to convince investors the operation was legitimate.

A video posted to the company’s LinkedIn page shows guests in evening attire posing for photos and watching the spectacle in Dubai.

Tesla forced to refund $10,000 FSD payment and 0% interest on Cybertruck

Published

3 hours ago

July 8, 2025

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Tesla forced to refund ,000 FSD payment and 0% interest on Cybertruck

Tesla is starting to experience some consequences for misleading Full Self Driving customers – at least that’s the finding of one arbitration ruling that has Tesla refunding one customer $10,000 plus legal fees for failing to deliver on their promises. Find out more on today’s legally challenging episode of Quick Charge!

An arbitration “court” found that Tesla misled customers with its Full Self Driving product, and has now been forced to refund at least one person’s $10,000 payment (plus legal fees) for the not-quite autonomous driving software. France, too, is piling on claims of deceptive business practices – but there’s some good news for FSD fans! If you’re still willing to pay for it, Tesla will thrown in 0% financing on a brand new Cybertruck.

Check out the relevant links, below, to learn more.

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Environment

This $15,000 Toyota EV is selling faster than expected

Published

4 hours ago

July 8, 2025

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This ,000 Toyota EV is selling faster than expected

Toyota’s new electric SUV is a surprise hit in China. Starting at just $15,000, the Toyota bZ3X is already the top-selling joint venture brand EV.

The $15,000 Toyota bZ3X is the top-selling foreign EV

After launching the bZ3X in March, Toyota’s joint venture, GAC Toyota, claimed that orders were “so popular that the server crashed.” It apparently secured over 10,000 orders in the first hour.

In its second month on the market, the bZ3X was the top-selling foreign-owned vehicle in China, beating out the Volkswagen ID.3 and ID.4 Crozz, Nissan N7, and BMW i3.

According to the latest update, the electric SUV retained the title once again in June. Peng Baolin, General Manager of Sales at GAC-Toyota, revealed on social media that the “delivery volume of Bozhi 3X in June reached 6,030 units.”

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GAC Toyota announced on Weibo that cumulative deliveries have now exceeded 20,000 units, setting a new record for the fastest joint venture electric SUV sales to achieve the feat.

The company also claimed that the bZ3X “has the highest sales of new energy vehicles” among joint venture brands right now.

The bZ3X is Toyota’s “first 100,000 yuan-level pure electric SUV.” It’s available in seven different trims, starting at 109,800 yuan, or about $15,000.

Two variants have an added LiDAR, making Toyota the first joint venture brand to offer it in China. The smart driving version starts at 149,800 yuan ($20,500). For 159,800 yuan ($22,000), you can upgrade to the range-topping “610 Max” trim.

Powered by a 67.92 kWh battery, the long-range model is rated with a CLTC range of up to 610 km (379 miles). The base “Air” trim features a 50.03 kWh battery, good for a 430 km (267 miles) range.

The bZ3X measures 4,645 mm in length, 1,885 mm in width, and 1,625 mm in height, or about the size of BYD’s popular Yuan Plus (sold overseas as the Atto 3).

Inside is a significant upgrade from most Toyota models we are used to seeing. It features a tech-focused interior with a 12.3″ infotainment screen and an 8.8″ driver display.

Toyota markets it as an affordable family SUV with “a mobile space that is as comfortable as home.” With all the seats folded, the interior offers nearly 10 feet (3 meters) of space.

It’s also powered by Momenta’s 5.0 smart driving system, offering advanced smart driving features such as Level 2 assisted driving, remote parking, and more.

Electrek’s Take

Although it may not seem like much with Chinese EV makers like Xiaomi securing nearly 300,000 orders for the YU7 SUV in an hour, the bZ3X is selling surprisingly well for a foreign brand vehicle.

Global automakers are struggling to keep pace in China with an influx of new low-cost domestic EVs and an intensifying price war. However, Japanese automakers, including Toyota, have been some of the hardest hit.

During GAC Toyota’s Tech Day event last month, the company announced partnerships with China’s leading tech companies, including Huawei, Xiaomi, and Momenta, as it seeks to regain market share.

Ahead of the event, the company posted on Weibo that “god-level allies are coming to help,” adding “car industry bigwigs are coming.

Through May, Toyota’s sales in China are up 7.7% from the same period last year, with 530,000 vehicles sold. Will Toyota continue gaining traction in the world’s largest EV market? With the bZ5 now rolling out and several new models on the way, Toyota is looking for a comeback.

Source: Sohu, GAC-Toyota

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