European Commission, World Bank estimate cost of Ukraine's reconstruction at $349 billion
The current cost of reconstruction and recovery in Ukraine amounts to at least $349 billion, the Government of Ukraine, the European Commission, and the World Bank said in a joint assessment, published today on the website of the European Commission, News.Az reports citing Ukrinform.
“In a joint assessment released today, the Government of Ukraine, the European Commission, and the World Bank, in cooperation with partners, estimate that the current cost of reconstruction and recovery in Ukraine amounts to $349 billion (€349 billion). This figure is expected to grow in the coming months as the war continues,” reads the press release.
The Rapid Damage and Needs Assessment (RDNA) presents the first comprehensive evaluation of war impacts across twenty different sectors following the start of military operations. 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 impacts of the war sustained between February 24 and June 1, 2022, and found that physical damage from the war reached over US$97 billion (€97 billion). It was particularly high in the housing, transport, commerce and industry sectors. The destruction was concentrated in the Chernihiv, Donetsk, Luhansk, Kharkiv, Kyiv, and Zaporizhzhia regions.
The RDNA results are preliminary, and damage and needs should be considered as minimums. The report found that recovery and reconstruction needs across social, productive, and infrastructure sectors total US$349 billion (€349 billion), which is more than 1.5 times the 2021 GDP of Ukraine.