Ukraine will cost an estimated $349 billion to rebuild after the devastation caused by the Russian invasion, according to a report published on Friday.
But the number, which is 1.5 times the size of Ukraine’s economy, is considered the minimum and is likely to rise in the coming months as the war progresses, according to a joint assessment by the Ukrainian government, the European Commission and the Ukraine World Bank.
The physical damage inflicted since the invasion in late February through June 1 alone totaled $97 billion, the report said.
“The Russian invasion of Ukraine continues to take a terrible toll, from significant civilian casualties and the displacement of millions of people to the widespread destruction of homes, businesses, social facilities and economic activities,” said Anna Bjerde, regional vice president of the World Bank President for Europe and Central Asia.
Over the next 36 months, the report estimates that $105 billion will be needed to address urgent needs such as restoring education and healthcare systems and infrastructure, preparing for the coming winter by restoring heating and power to homes that Supporting agriculture and repairing vital facilities to cover transportation routes.
Ukrainian Prime Minister Denys Shmyhal said reconstruction in the occupied territories is already underway but will require help from international partners.
“Only for the first phase, the rapid recovery, $17 billion is needed, of which Ukraine needs $3.4 billion already this year,” he said in a statement.
Allies have rushed to pump aid into the war-ravaged country, with the G7 and European Union contributing $39 billion.
European Commission President Ursula von der Leyen said the EU had mobilized €10 billion in “financial, humanitarian, emergency and military assistance to Ukraine, and another €5 billion in funding is in the pipeline”.
