383 billion euros are needed for the reconstruction and recovery of Ukraine

Ukrainian shelling photo: EPA-EFE/SERGEY DOLZHENKO

The costs needed for the reconstruction and recovery of Ukraine, which is the target of the Russian invasion, have increased to 411 billion dollars (383 billion euros), estimated by the Ukrainian government, the World Bank, the European Commission and the United Nations.

According to a new estimate released today, covering the period from the beginning of the Russian invasion of Ukraine on February 24, 2022 to its first anniversary, reconstruction and recovery funds will be needed over the next 10 years and will be provided by public and private sources. funds.

The stated amount is 2,6 times higher than the estimated Gross Domestic Product of Ukraine in 2022, the European Commission said.

The Second Rapid Assessment of Damages and Needs provides a comprehensive assessment of the effects of the war in 20 different sectors, specifying the direct physical damage to infrastructure and buildings and describing the impact on people's lives.

It is estimated that Ukraine will need $14 billion this year for priority investments in reconstruction and recovery.

Ukrainian Prime Minister Dennis Schmigal, stated that the preparation of the second Rapid Assessment of Damages and Needs is "an important element in Ukraine's reconstruction strategy".

"We are grateful to the World Bank for the thorough analysis, which will become an important tool for us and our partners in the implementation of the recovery projects, which have already begun, Shmigal said.

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