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The war in Ukraine has caused direct damage worth $200 billion, and reconstruction will cost billions more, according to a new estimate released on Monday ahead of the fourth anniversary of the conflict.
Between the start of the war on February 24, 2022, and the end of December last year, the total damage amounts to $195.1 billion, according to a joint report by the World Bank, the European Commission, the Ukrainian government and the United Nations.
The reconstruction of the country is likely to require a total of $587.7 billion over the next 10 years.
Housing, transport and energy infrastructure have borne the brunt of the damage. Damage to housing alone is estimated at more than $60 billion, and the transport sector about $40 billion.
“As of December 31, 2025, 14% of housing has been damaged or destroyed, impacting over 3 million households,” the report said.
In geographical terms, the damage caused was mainly spread across eastern Ukraine and the region around the capital Kiev. Some 75% of the total damage was recorded in front-line areas.
Much of money needed for reconstruction needs to go to housing, transport and energy, the report said. But funds for trade and industry as well as agriculture, social security, income generation and the disposal of leftover explosives were also needed, it said.
In the last such report covering the period up until the end of 2024, the estimate of the total reconstruction cost was $524 billion.
European Commissioner for Enlargement Marta Kos said that the bloc would “continue to play a key role in supporting Ukraine’s reconstruction and recovery by mobilizing more private investments through the Ukraine Investment Framework, and by encouraging key reforms through the Ukraine Plan that will attract investment and bring Ukraine closer to EU membership.”
According to the report, at least $20 billion had been collected since February 2022 for particularly urgent repairs and other urgent projects. According to previous World Bank figures, $88.2 billion in financial aid was collected between the start of the war and mid-January 2026.
The UN’s humanitarian coordinator, Matthias Schmale, said that rebuilding Ukraine was not just about money. “Refugee return, veteran reintegration and women’s labour force participation will shape economic recovery as much as capital flows and rebuilding infrastructure,” he said.
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