Just over a year after Russia’s invasion, Ukraine now requires $411 billion for reconstruction and recovery, according to the World Bank.
The assessment is an increase from the $349 billion estimated in a report published in September and was made jointly by the government of Ukraine, the World Bank, the European Commission, and the United Nations.
According to the most recent assessment, Kyiv will need $14 billion for crucial and important reconstruction and recovery expenditures by 2023.
The assessment estimates that in addition to what the Ukrainian government has allocated in its 2023 budget, meeting these requirements will require $11 billion in additional funding.
Russia’s invasion of Ukraine in February 2022 has displaced millions of people, and global food and energy prices surged on the fallout from the war.
“Energy infrastructure, housing, critical infrastructure, economy and humanitarian demining are our five priorities for this year,” Ukraine’s Prime Minister Denys Shmygal said in a statement.
He added that part of the reconstruction work has already been done.
But Shmygal warned that “the amount of damage and recovery needs currently does not include data on the loss of infrastructure, housing and businesses in the occupied territories.”
Authorities will begin restoration work in these areas when the defense troops release them, he said.
However, the $411 billion required is 2.6 times the nation’s anticipated 2022 gross domestic product.
Transportation is anticipated to have the highest requirements, followed by housing and energy.
Rebuilding Ukraine will “take several years,” according to Anna Bjerde, vice president of the World Bank for Europe and Central Asia.
