The estimated cost to rebuild Ukraine’s economy after Russia’s invasion has risen to US$524 billion, nearly three times its expected 2024 economic output, the World Bank, United Nations, European Commission and the Ukrainian government found.
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A new study by the institutions included data from Russia’s invasion three years ago through December 31, including a 70 per cent increase in damages to Ukraine’s energy infrastructure from Russian attacks.
It showed an increase of over 7 per cent from the last estimate of US$486 billion one year ago, with housing, transport, energy, commerce and education being the most affected sectors.
The study quantifies the direct physical damage to buildings and other infrastructure, the effect on people’s lives and livelihoods and the cost to “build back better,” the institutions said in a joint news release.
US President Donald Trump is pushing to end the war through separate talks with Russia and Ukraine, telling reporters during a meeting with French President Emmanuel Macron that a deal could be reached in weeks.
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“In the past year, Ukraine’s recovery needs have continued to grow due to Russia’s ongoing attacks,” Ukraine’s Prime Minister Denys Shmyhal said in a statement.
Ukraine’s government has allocated US$7.37 billion to address priority needs for 2025, with support from donors, but still has a financing gap of nearly US$10 billion, the joint statement said.