World Bank puts cost of rebuilding Ukraine at hundreds of billions
The World Bank said Russia’s invasion has undone 15 years of economic progress in Ukraine.
A World Bank report puts the cost of Ukraine’s recovery and rebuilding from Russia’s invasion at 411 billion dollars (£335 billion) over the next decade, with the cost of cleaning up the war rubble alone at five billion dollars (£4 billion).
The report provides both sweeping and closely detailed looks at some of the toll of Russia’s war in Ukraine: At least 9,655 civilians confirmed dead, including 465 children; nearly two million homes damaged; more than one out of five public health institutions damaged; and 650 ambulances damaged or looted.
In all, the World Bank calculated 135 billion dollars (£110 billion) in direct damage to buildings and infrastructure so far, not counting broader economic damage.
The damage would be even worse if not for the strong defence mounted by the Ukrainian forces, noted Anna Bjerde, the World Bank vice president for Europe and Central Asia.
She said the worst damage has been confined to the frontline regions of Donetsk, Kharkiv, Luhansk and Kherson.
As it is, the World Bank said, Russia’s invasion has undone 15 years of economic progress in Ukraine, cutting Ukraine’s gross domestic product by 29% and pushing 1.7 million Ukrainians into poverty.
The assessment was carried out by the government of Ukraine, the World Bank Group, the European Commission and the United Nations.
The findings are meant to guide planning for financing and carrying out what is an ongoing recovery effort in Ukraine.
Ukraine’s energy sector has seen the greatest surge in damage recently, as a result of Russia’s targeted strikes on the electrical grid and other energy hubs during the winter.
Total damage to the energy sector is now five times greater than it was last summer, the World Bank said.