How much would it cost to rebuild Ukraine if the war stopped today?

A joint statement of the Ukrainian government, the European Commission and the World Bank - published today, Friday - stated that the cost of rebuilding Ukraine and reviving its economy amounts to about 350 billion dollars, if the conflict between it and Russia stops today.

This is the first full assessment of the situation of the Ukrainian economy and the damage caused by the conflict since the start of the war last February, and it also allows "financial needs to be identified and a roadmap for reconstruction", according to the statement.

The cost is one and a half times greater than Ukraine's GDP recorded in 2021, and about a third of it ($105 billion) is supposed to be used to meet the most urgent needs in the next three years.

This cost includes the damage caused by the battles to infrastructure and residential and industrial facilities, especially in the east and south of the country, and is estimated at $97 billion.

"We have already launched the reconstruction process in the liberated areas, but this reconstruction process requires a comprehensive approach and the support of our international partners," the statement quoted Ukrainian Prime Minister Denis Shmyal as saying.

Shmihal pointed out that the first phase of reconstruction cost $17 billion, and $3.4 billion must be provided this year.

Resuscitation Priorities

According to the World Bank's Vice President for Europe and Central Asia, Anna Byrdie, these estimates allow "to prioritize recovery so that we can continue to support the operation of basic services", especially health, education and social care.

Ukraine needs 5 billion dollars a month to ensure the continued rotation of its economic wheel amid the ongoing war on its territory, according to what its Finance Minister Sergei Marchenko announced last May.

International efforts by the G7 countries and the European Union have raised $39 billion.

And the European Commission President Ursula von der Leyen proposed last Wednesday that the European Union provide financial assistance in the amount of 5 billion dollars out of the 9 billion allocated by the bloc for this purpose.