The Black Lives Matter movement has been nominated for the 2021 Nobel peace prize after the riots in the wake of George Floyd’s death were dubbed the most costly manmade damage to American property in U.S. history.

Norwegian MP Petter Eide praised the movement in his nomination papers for the tremendous achievement in raising global awareness of racial injustice.

“I find that one of the key challenges we have seen in America, but also in Europe and Asia, is the kind of increasing conflict based on inequality,” Eide said. “Black Lives Matter has become a very important worldwide movement to fight racial injustice.

“They have had a tremendous achievement in raising global awareness and consciousness about racial injustice.”

Eide’s nomination comes after Axios reported that the riots following the death of George Floyd will cost the insurance industry more than any other violent demonstration in recent history.

“The protests that took place in 140 U.S. cities this spring were mostly peaceful,” the far-left website states. “But the arson, vandalism and looting that did occur will result in at least $1 billion to $2 billion of paid insurance claims — eclipsing the record set in Los Angeles in 1992 after the acquittal of the police officers who brutalized Rodney King.”

Insurance Information Institute has warned that figure could possibly even exceed $2 billion.

Eide reiterated the claim that the majority of Black Lives Matter protests were peaceful, and instead laid the blame for most of the violence on police and counter-protesters.

“Studies have shown that most of the demonstrations organized by Black Lives Matter have been peaceful,” Eide said. “Of course there have been incidents, but most of them have been caused by the activities of either the police or counter-protestors.”

Eide has represented the Socialist Left party in parliament since 2017.