Rebuilding Ukraine to cost $349 bn: report

A research released on Friday estimates that it will take $349 billion to rebuild Ukraine after the destruction brought on by the Russian invasion.

According to a combined assessment by the Ukrainian government, the European Commission, and the World Bank, the amount, which is 1.5 times the size of the Ukrainian economy, is only a minimum and is anticipated to rise in the ensuing months as the war continues.

According to the assessment, the physical damage alone caused since the invasion in late February through June 1 was already $97 billion.

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"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," said Anna Bjerde, the World Bank's regional vice president for Europe and Central Asia.

The report projects that $105 billion will be required over the next 36 months to address urgent needs, including repairing critical infrastructure in the areas of education, health, and housing, as well as supporting agriculture and restoring heating and energy to homes in time for the upcoming winter.

Denys Shmyhal, the prime minister of Ukraine, stated that while restoration is already under way in the former occupied areas, outside assistance will be needed.

"Only for the first stage, 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 the European Union contributing $39 billion.

European CommissionPresident Ursula von der Leyen said the EU has mobilized 10 billion euros "in financing, humanitarian, emergency, and military assistance for Ukraine and another 5 billion euros in financing are in the pipeline."

(With inputs from agencies)

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