Russia-Ukraine war: World Bank says Ukraine reconstruction costs $411 billion over next decade

Russia has continued to bombard Ukraine and its infrastructure to rubble as the war has reached more than a year. The World Bank said that Ukraine’s reconstruction would cost $411 billion in a span of 10 years.

A report by the World Bank released on Wednesday that the cost of reconstruction for Ukraine would amount to $411 billion in the next 10 years. The report added that the cost of cleaning up the rubble from Russia’s constant bombardments alone would amount to $5 billion. The report also noted that the estimated figures “should be considered as minimums as needs will continue to rise as long as the war continues.”

The report was produced by the Ukrainian government, the World Bank, the European Commission, and the United Nations. The estimate of $411 billion was an increase from the $349 billion that was estimated in the previous report released in September last year.

The assessment included some of the economic and human casualties in the war. The report cited almost two million homes were damaged, one in five public healthcare facilities were damaged, 650 ambulances were either destroyed or stolen, and around 9,655 civilians were confirmed dead, including 461 children. World Bank Vice President for Europe and Central Asia Anna Bjerde said Ukraine’s reconstruction is expected to “take several years.”

The report also noted the $135 billion in direct damage to buildings and infrastructure, not yet including the broader economic damage from the war. Bjerde told reporters that the damage could have been worse if Ukrainian forces had been unable to hold the lines and contained the destruction caused by Russia in the regions of Donetsk, Luhansk, Kharkiv, and Kherson.

The assessment expects Ukraine to require $14 billion for critical and priority reconstruction and recovery investments in 2023 alone. The International Monetary Fund said on Tuesday that it had reached a staff-level agreement with Kyiv for a four-year financing package worth $15.6 billion.

Meanwhile, Ukrainian forces are expected to launch another counter-offensive as Russia’s assaults appear to be faltering, according to Ukraine’s ground forces commander Oleksandr Syrskyi. Syrskyi said the Russian Wagner mercenaries who have been fighting in the front lines at Bakhmut “are losing considerable strength and are running out of steam.”

“Very soon, we will take advantage of this opportunity as we did in the past near Kyiv, Kharkiv, Balakilya, and Kupiansk,” said Syrskyi.