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Recovery of Ukraine will cost almost 453 bln euros — European Commission

According to the statement, "in 2024 alone, Ukrainian authorities estimate the country will need around $15 bln (14 bln euros) for immediate reconstruction and recovery priorities at both the national and community level"

BRUSSELS, February 15. /TASS/. The reconstruction and recovery of Ukraine after the conflict with Russia will cost 452.8 bln euros, the European Commission said in a statement.

"An updated joint Rapid Damage and Needs Assessment 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 bln (452.8 bln euros) over the next decade, up from $411 bln (383 bln euros) estimated one year ago," the document says.

According to the statement, "in 2024 alone, Ukrainian authorities estimate the country will need around $15 bln (14 bln euros) 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."

"While some $5.5 bln (5.1 bln) of this funding has been secured, from both Ukraine's international partners and its own resources, about $9.5 bln (8.9 bln euros) is currently unfunded," the European Commission noted.

The EU officials underscore that "the overall costs reflected in the recovery and reconstruction figure of $486 bln (452.8 bln euros) —estimated over 10 years—include measures required for rebuilding for a modern, low-carbon, inclusive and climate-resilient future."

"The highest estimated recovery and reconstruction needs are in housing (17% of the total), followed by transport (15%), commerce and industry (14%), agriculture (12%), energy (10%), social protection and livelihoods (9%), and explosive hazard management (7%)," the statement says.

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