This is definitely a case where you want to use something like sed
(or awk
or perl
) rather than readling one line at a time in a shell loop. This is not the sort of thing the shell does well or efficiently.
You might find it handy to write a reusable function. Here's a simple one, though it won't work on fully-arbitrary text (slashes or regular expression metacharacters will confuse things):
function insertAfter # file line newText
{
local file="$1" line="$2" newText="$3"
sed -i -e "/^$line$/a"$'\\\n'"$newText"$'\n' "$file"
}
Example:
$ cat foo.txt
Now is the time for all good men to come to the aid of their party.
The quick brown fox jumps over a lazy dog.
$ insertAfter foo.txt \
"Now is the time for all good men to come to the aid of their party." \
"The previous line is missing 'bjkquvxz.'"
$ cat foo.txt
Now is the time for all good men to come to the aid of their party.
The previous line is missing 'bjkquvxz.'
The quick brown fox jumps over a lazy dog.
$