France details yellow vest protests’ impact on economy

PARIS (AP) — The French government said it has provided 38 million euros (USD43 million) in financial aid for workers who have been put on reduced work hours as businesses struggle with anti-government protests.

The ministry said some 72,600 people in 5,000 companies have been put on reduced work hours, for reduced pay, since the yellow vest protest movement started on November 17.

Businesses, mostly in the city centres, saw revenue fall by 20 to 40 per cent on average in recent weeks due to demonstrations taking place every Saturday.

So far, insurance companies have paid 89 million euros (USD100 million) to cover 1,670 cases of reported damage because of violence and looting on the margin of some of the protests.

Yellow vest protesters said President Emmanuel Macron’s economic policies favour the rich.

Yellow vest protesters walk down the famed Champs Elysees avenue to keep pressure on French President Emmanuel Macron’s government, for the 13th straight weekend of demonstrations, in Paris, France. – AP