Beirut Governor Marwan Abboud on Wednesday estimated that the deadly blasts that rocked the Lebanese capital on Tuesday cost the city 3 to 5 billion U.S. dollars in material losses, the National News Agency reported.

Two explosions hit the Port of Beirut at around 6:10 p.m. local time (1610 GMT), shaking buildings all over the city, and causing massive casualties and damages.

The blasts killed at least 113 people and injured over 4,000 others, with dozens still missing.

According to Governor Abboud, at least 300,000 people have been displaced from their homes by the devastating explosions.

The cause of the blast is being investigated, but Lebanon's Prime Minister, Hassan Diab, said the cause of the explosion was 2,700 tonnes of ammonium nitrate stored in a warehouse for six years. President Michel Aoun tweeted it was "unacceptable" the explosives had been stored unsafely. Aoun declared three days of mourning and called for a two-week state of emergency.