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War damage: Almost 500 billion necessary for reconstruction of Ukraine

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War damage
Almost 500 billion needed to rebuild Ukraine

Damaged residential buildings in Orikhiv (Zaporizhia region). photo

© Uncredited/https://photonew.ukrinform.com/Ukrinform/dpa

Since February 24, 2022, Russia has been attacking the entire Ukraine. The invasion cost the lives of many people. The financial damage is also enormous.

The war in the Ukraine has caused direct damage of at least 152 billion US dollars (around 142 billion euros) in almost two years. This emerges from a joint report by the Ukrainian government, the World Bank and the United Nations. The most affected areas are housing (37 percent), transport (22 percent), trade and industry (10 percent), agriculture and energy (7 percent each).

As of December 31, 2023, the costs of reconstruction and recovery in Ukraine, which was attacked by Russia, are estimated at at least 486 billion US dollars (around 453 billion euros) over the next ten years.

The period from the start of the war on February 24, 2022 to December 31, 2023 was used as the basis for the calculations. The financial losses caused by the war during this period are estimated at 499 billion US dollars (around 465 billion euros). The report also identifies a funding gap of $9.5 billion (around €8.8 billion) in 2024 to “address immediate reconstruction and recovery priorities.”

Because of the small shifts on the front, the direct damage has not increased significantly compared to around a year ago (135 billion US dollars), it is said. However, the damage to Ukraine remained immense.

“In 2023, there were regular, intensive attacks on the infrastructure, especially in the southeast, which extended across many regions,” the authors write. Around 8,400 kilometers of motorways, expressways and other national roads, more than 200 train stations and 150 railway bridges were damaged. As of December 2023, an estimated 5.9 million people are registered as refugees within Europe, and 3.7 million people are registered as internal refugees within Ukraine as of October 2023.