The European Commission (EC), in its latest Ukraine Recovery and Reconstruction Needs Assessment released on Thursday 15 February, 2024, disclosed, “the total cost of reconstruction and recovery in Ukraine is $486 billion (€452.8 billion) over the next decade”.
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| Map of Ukraine. Photo: Getty Images |
According to ec.europa.eu:
After almost two years of Russia’s full scale invasion of Ukraine, an updated joint Rapid Damage and Needs Assessment (RDNA3) released today by the Government of Ukraine, the World Bank Group, the European Commission, and the United Nations currently estimates that as of 31 December 2023 the total cost of reconstruction and recovery in Ukraine is $486 billion (€452.8 billion) over the next decade, up from $411 billion (€383 billion) estimated one year ago.
In 2024 alone, Ukrainian authorities estimate the country will need around $15 billion (€14 billion) for immediate reconstruction and recovery priorities at both the national and community level, with a particular focus on supporting and mobilizing the private sector alongside restoration of housing, soft infrastructure and services, energy, and transport. The RDNA3 highlights that while some $5.5 billion (€5.1 billion) of this funding has been secured, from both Ukraine’s international partners and its own resources, about $9.5 billion (€8.9 billion) is currently unfunded.
Prime Minister of Ukraine Denys Shmyhal, said: “Despite the ongoing full-scale war, the Ukrainian government, with the support of international partners, continues to implement a rapid recovery program.
“We are grateful to the World Bank and other partners for this work.
“We see that the needs for reconstruction have continued to grow over the past year. The main resource for Ukraine’s recovery should be the confiscation of Russian assets frozen in the West. We need to start this process already this year.”
