Ukraine’s reconstruction after its military conflict will cost €452.8bn, according to European Commission forecasts.
The European Commission said in a statement:
“According to 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, as of 31 December 2023, the total cost of Ukraine’s reconstruction and recovery over the next decade will be $486 billion (€452.8 billion), up from the $411 billion (€383 billion) estimated a year ago.”
It is estimated that $486bn will be needed over ten years. 17% is to be spent on housing, 15% on transport, 14% on trade and industry, 12% on agriculture, and 10% on energy. $11bn is needed to clear debris in all sectors.
Direct damage from the fighting is estimated at $152bn. The most affected sectors are housing and utilities, transport, trade, industry, energy and agriculture.
Earlier, EU leaders agreed on the Commission’s proposal to provide Ukraine with regular and predictable financial support between now and 2027. Under the so-called “Ukraine Facility”, the Commission will make available for Ukraine up to €50 billion in grants and highly concessional loans.
