Ukraine reconstruction costs hit $486 billion — report

KYIV, Ukraine — Ukraine needs almost half a trillion dollars to cover the reconstruction costs of Russia's invasion, the World Bank, European Union, United Nations and the Ukrainian government said Thursday.

And Ukraine's Prime Minister Denys Shmygal said Thursday that confiscated Russian assets should foot most of the bill.

Kyiv is trying to marshal international resources to help it rebuild the nation's cities, roads, bridges and energy facilities destroyed or damaged by Russia's two-year assault.

"The total cost of reconstruction and recovery in Ukraine is $486 billion over the next decade, up from $411 billion estimated one year ago," the European Commission said, summarising the new report.

The assessment was prepared jointly by the four organisations.

It said Ukraine would need $15 billion in 2024 alone for the most pressing reconstruction needs, such as repairing houses and critical transport links.

Ukraine is calling for the West to unlock around $300 billion of frozen Russian assets to fund the massive repair work to its infrastructure.

"The needs for reconstruction have continued to grow over the past year, Shmygal said Thursday.

"The main resource for Ukraine's recovery should be the confiscation of Russian assets frozen in the West."

The report found 10 percent of Ukraine's housing stock had been damaged or destroyed in the two-year war.

It also highlighted extensive damage to the environment and agriculture from a blast at the Kakhovka dam last June.

The report said the damage was "concentrated" in the four frontline regions -- Donetsk, Lugansk, Kherson and Zaporizhzhia -- which Moscow claims to have annexed; but also around the capital Kyiv and in the northeastern Kharkiv region.