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Reconstruction, recovery of Ukraine will cost $349 billion: World Bank

WorldRussiaReconstruction, recovery of Ukraine will cost $349 billion: World Bank

The reconstruction and recovery of Ukraine will cost around $349 billion. The following estimate has been made by the World Bank, Ukraine’s government and the European Commission.

The assessment only takes into account damage caused between February 24 and June 1.

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It is based on the reconstruction costs of all that was destroyed, but also of Ukraine’s needs during and post the conflict. The consequences on around 20 sectors have been examined, which is a first.

“In a first phase, $17 billion will be needed, including $3.4 billion this year,” Ukrainian Prime Minister Denys Shmyhal said on Friday.

The World Bank will help Kyiv identify priority needs. Over the next three years, some $105 billion will have to be released to restore education and health care.

Heating systems will require urgent repairs with winter approaching.
Finally, resources will have to be invested in locating and defusing abandoned explosives in different parts of the country.

The Rapid Damage and Needs Assessment (RDNA) has presented the first thorough evaluation of war impacts around twenty different sectors after the Russian invasion. It also lays out the financing needs for a resilient, inclusive and sustainable recovery and reconstruction and provides a roadmap for planning.

The assessment covers the impact of the war from February 24 to June 1, 2022and shows the physical damage which was outcome of the war amounted to over US$97 billion. It was specifically high in housing, transport, trade and industry. Destruction was concentrated in Chernihiv, Donetsk, Luhansk, Kharkiv, Kyiv and Zaporizhzhia regions.

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