Losses from war amount to nearly $500B: Shmyhal names most affected economic sectors

Russia's armed aggression has affected Ukraine's commercial, industrial, agricultural, energy and transportation sectors the most. These sectors require significant funds for recovery.

This was stated by Prime Minister Denys Shmyhal during the presentation of the Third Damage and Recovery Needs Assessment for Ukraine (RDNA3) with the participation of the World Bank, Ukrinform reports, referring to the PM’s Telegram channel.

“As of the end of 2023, Ukraine has suffered losses of almost $499 billion across its economy, social services, and other sectors. The trade, industry, agriculture, energy, and transportation sectors have been hit the hardest,” he said.

The Prime Minister reminded that Ukraine's reconstruction requires almost $486 billion. For immediate reconstruction, Ukraine needs $15 billion.

Shmyhal emphasized that the need for reconstruction has continued to grow over the past year, particularly in the housing sector. According to him, 10% of the total housing stock has been destroyed or damaged due to the enemy's actions.

"We also have negative trends in the agricultural sector and environmental damage due to the Russian terrorist attack on the Kakhovka hydroelectric power plant and the mining of our lands," added the Prime Minister.

According to the updated Rapid Damage and Recovery Needs Assessment (RDNA3), as of December 31, 2023, the total cost of rebuilding and restoring Ukraine in the next decade is $486 billion.

Photo credit: Cabinet of Ministers