Russian invasion of Ukraine caused over $97 billion in damages
Russia’s invasion caused over $97 billion in direct damages to Ukraine through June 1, 2022. But it could cost nearly $350 billion to rebuild the country, a report released Friday by the World Bank, the Ukrainian government, and European Commission shows.
It said Ukraine had suffered $252 billion in losses through disruptions to its economic flows and production, as well as extra expenses linked to the war, while the displacement of one-third of all Ukrainians was expected to jack up its poverty rate to 21% from just 2% before the war. Overall, the report estimated Ukraine’s reconstruction needs would reach $349 billion as of June 1, 2022, or about 1.6 times the country’s $200 billion gross domestic product in 2021.
Of that amount, $105 billion was needed in the short term to address urgent priorities, such as rebuilding thousands of damaged or destroyed schools and over 500 hospitals. It was also imperative to prepare for the upcoming, likely brutal winter by repairing homes, restoring heating, and purchasing gas.