Ukraine reconstruction may cost $1.1 trillion

Ukraine may need as much as 1 trillion euros ($1.1 trillion) in outside assistance to repair the damages inflicted by Russia’s invasion, the European Investment Bank President Werner Hoyer stated at a press briefing in Frankfurt.

“I’ve put the trillion out there because I saw figures in the public space that I consider completely unrealistic when I look at the level of destruction” in Ukraine, said Hoyer, who runs the European Union’s lending arm. Europe “will have to play the biggest role” in this effort.

The EIB could play a central role in funneling money from the EU to the war-torn country.

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