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Cost of Ukraine’s reconstruction and recovery reaches $411 bn – World Bank

Cost of Ukraine’s reconstruction and recovery reaches $411 bn – World Bank

A new joint assessment report by the Government of Ukraine, the World Bank Group, the European Commission, and the United Nations has estimated the cost of reconstruction and recovery in Ukraine to be $411 billion. The estimate covers the one-year period from Russia’s invasion of Ukraine on 24 February 2022, to the first anniversary of the war on 24 February 2023.

“The amount of damage and recovery needs currently does not include data on the loss of infrastructure, housing, and businesses in the occupied territories. When the defense forces release them, we expect that the data will be supplemented, and the Government will immediately begin restoration work in these territories,” said Prime Minister of Ukraine Denys Shmyhal.

The report highlights that reconstruction and recovery are expected to stretch over ten years and combines both needs for public and private funds.

The assessment provides a comprehensive evaluation of war impacts across twenty different sectors and quantifies the direct physical damage to infrastructure and buildings. It finds the total estimated reconstruction and recovery needs to be 2.6 times Ukraine’s estimated 2022 GDP. The highest estimated needs are in transport, housing, energy, social protection and livelihoods, explosive hazard management, and agriculture.

The report also emphasizes that the impacts of the war have pushed 7.1 million people into poverty and reversed 15 years of development progress, exacerbated inequalities, affected women, children and people with disabilities, and resulted in dramatic setbacks in the Sustainable Development Goals.

“The Rapid Needs Assessment will help donors channel funds to the priority sectors on the ground. It is important to ensure fast recovery and basic services for the population, namely energy, education and health infrastructure, and housing. The EU will continue supporting Ukraine, now a candidate country, with all its tools and instruments at its disposal,” said Commissioner for Neighborhood and Enlargement Olivér Várhelyi.

The report calls for significant private investment to increase the available financing for reconstruction. The estimates from both Rapid Damage and Needs Assessments issued to date should be considered as minimums as needs will continue to rise as long as the war continues.

Earlier, media estimated the scale of Ukraine’s direct losses from the war at $311 billion.

Russia’s war has caused $311 billion of direct damage to Ukraine – media

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