According to a report issued Friday, rebuilding Ukraine following the Russian invasion will cost an estimated $349 billion. This figure, which is only set to increase as the war persists, is 1.5 times the size of the Ukrainian economy.
According to the joint assessment by the government of Ukraine, the European Commission and the World Bank, the physical damage alone inflicted since the start of the war on February 1st through to June 1st totalled $97 billion.
Over the next 36 months, the report estimates that around $105 billion will be needed to address urgent needs such as restoring education and health systems as well as infrastructure, whilst also preparing for the upcoming winter by restoring heating and energy to homes.
Ukraine Prime Minister Denys Shmyhal said that only for the first stage and rapid recover, around $17 billion is needed. Out of these, Ukraine needs $3.4 billion this year already.
The G7 and the European Union have already contributed $39 billion, with EU commission president Ursula Von der Leyen saying that the EU has mobilised €10 billion in financing humanitarian, emergency and military assistance, with another €5 billion in the pipeline.
The World Bank’s regional Vice President for Europe and Central Asia said that “the Russian invasion of Ukraine continues to exact a terrible toll, from significant civilian casualties and the displacement of millions of people to the widespread destruction of homes, businesses, social institutions, and economic activity.”
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