French protests, new financial initiatives to cost $11 billion

In an attempt to calm the weeks of violent demonstrations by so-called yellow vest protesters, French President Emmanuel Macron announced big spending measures, including tax relief and minimum monthly wage hikes, in hopes of putting the unrest to bed.

On Tuesday, the French government said those new fiscal measures as well as the cost of damages and loss of sales surrounding the massive protests will cost the country around $11 billion.

That number includes around $6.8 billion for Macron’s new policies and the around $5 billion the government is expected to lose from its now-abandoned carbon tax hike on fossil fuels.

Additionally, the country has suffered significant economic losses, through lack of tourism and businesses being damaged by rioting.

Since the riots began four weeks ago, there have been five deaths and 1,407 people injured, the government said.

Prime Minister Edouard Philippe touted Macron’s moves on Tuesday, calling them “massive” and proof that he “has heard the anger.” He also said the government wants to make better-paying jobs without hurting businesses’ competitiveness. Macron said he plans to hike the minimum monthly wage by 100 euros.

However, these new measures and added costs are expected to hinder the president’s vow to revive the economy. On Monday, the country’s central bank trimmed its growth forecast for the fourth quarter to 0.2 percent from 0.4 percent.

The Associated Press contributed to this report