The World Bank, the European Commission, and the Ukrainian government have released an updated report on the assessment of damage and needs resulting from Russia’s large-scale invasion of Ukraine.
While last year the total needs for Ukraine’s recovery were estimated at $411 billion, this year the amount has increased by 18% to $486 billion.
According to the updated estimate, in 2024 alone, Ukraine will need $15.3 billion for critical recovery projects, with a focus on supporting the private sector, restoring social infrastructure and utilities, energy, transportation, and housing.
According to the Ministry for Restoration of Ukraine, about $5.5 billion of this funding was provided through the support of Ukraine’s international partners and its own resources. At the same time, about $10.5 billion has not yet been funded.
“These figures very eloquently illustrate the problem Ukraine is facing. We are dealing with the largest losses since the Second World War. And every year they are growing, while the amount of funds raised for reconstruction, unfortunately, is not comparable. It is clear that the country cannot cope with the consequences of the war on its own,” emphasized Viktoriia Korsunova, Head of the Kyiv office of the Ukraine Reconstruction Fund.
She once again called on international partners to become more actively involved in reconstruction projects that will help Ukrainians rebuild a decent life after the Russian aggression.
