World Bank: Ukraine's recovery needs are estimated at $486 billion
Kyiv • UNN
A World Bank report estimates the total cost of reconstruction and recovery in Ukraine over the next ten years as a result of a full-scale Russian invasion at $486 billion.
The total cost of reconstruction and restoration in Ukraine as a result of Russia's full-scale invasion is estimated at $486 billion over the next ten years, according to the updated RDNA3 report released by the World Bank, UNN reports.
Details
"As of December 31, 2023, the total cost of recovery and reconstruction in Ukraine is estimated to be US$486 billion over the next decade. This figure is higher than the needs estimated at USD 411 billion a year ago," the WB said in a statement.
According to the Ukrainian authorities, the country will need about $15 billion in 2024 alone for urgent priority reconstruction and recovery measures. The emphasis, as indicated, is on supporting and mobilizing the private sector, as well as restoring housing, social infrastructure and services, energy and transportation.
The RDNA3 emphasizes that while about $5.5 billion of these financing needs have already been met, about $9.5 billion remain unfunded.
"The RDNA3 assessment, which covers the damage caused in the nearly two-year period since Russia's full-scale invasion of Ukraine on February 24, 2022, through December 31, 2023, shows that direct damage in Ukraine has reached nearly $152 billion," the report says,
As noted, the most affected sectors are housing, transportation, trade and industry, energy and agriculture. The greatest damage is concentrated in Donetsk, Kharkiv, Luhansk, Zaporizhzhia, Kherson and Kyiv regions - the same regions where the greatest damage was recorded in the previous assessment, the report says.
"In Ukraine, 10% of the housing stock has been damaged or destroyed, which has led to the long-term displacement of Ukrainians from their communities," the report says.
It is also stated that the destruction of the Kakhovka hydroelectric dam and hydroelectric power plant in June 2023 led to significant negative consequences for the environment and agriculture, and exacerbated the problems that people already faced in trying to secure access to housing, water, food and medical services.
Reportedly, the total costs reflected in the $486 billion figure for recovery and reconstruction, a 10-year estimate, include measures needed to "build a modern, low-carbon, inclusive and climate-resilient future.
The largest recovery and reconstruction needs are estimated to be in the residential sector (17% of the total), followed by transport (15%), trade and industry (14%), agriculture (12%), energy (10%), social protection and livelihoods (9%), and explosive ordnance disposal (7%). The total cost for all sectors for the clearance and management of the remnants of destruction (and demolition, if necessary) reached almost US$11 billion.
The RDNA3, as indicated, also emphasizes the continuing demand for reforms and policies in budget planning.
"The findings of the RDNA3 complement the identified reform and investment priorities in the Ukraine Plan, which will lay the groundwork for Ukraine Facility financing for the next four years. As Ukraine prepares for the EU accession process, these reforms and investments support the principles of 'building back better' and the institutional capacity of governments at the national and regional levels," the WB said.
It is also noted that since the last RDNA2 assessment , the government of Ukraine, with the support of partners, has addressed some of the most pressing needs. "For example, according to the Government of Ukraine, USD 1 billion has been allocated for the recovery of the housing sector in 2023, with most of the funds going to repair and rebuild damaged buildings. In the transportation sector, emergency repair work has been carried out on more than 2,000 kilometers of highways, byways, and other national roads. In education, local authorities have restored about 500 educational institutions, and since January 2023, the share of educational institutions with bomb shelters has increased from 68% to 80%," the report says.
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