Nepal may need between $4 billion and $5 billion to rebuild after devastating floods and landslides triggered by a glacier collapse in the Himalayas, Finance Minister Swarnim Wagle said on Saturday.
The estimated reconstruction cost is equivalent to nearly 10% of Nepal’s economy, although authorities stressed that the figure remains preliminary while officials assess the full extent of the damage.
The disaster sent huge amounts of rock, ice, mud and debris through mountain river systems, killing more than 600 people in Nepal and China’s Tibet, while more than 2,000 people remain unaccounted for.
Floodwaters destroyed or severely damaged towns, bridges and roads along the border region and affected major hydropower facilities. The damaged power projects represent more than 12% of Nepal’s national electricity-generating capacity.
The disaster is expected to put significant pressure on Nepal’s economy, which relies heavily on remittances, tourism and hydropower.
The government said the reconstruction bill is expected to be lower than the approximately $9 billion cost of rebuilding after Nepal’s devastating 2015 earthquake, which killed nearly 9,000 people and destroyed more than 500,000 homes.
Authorities are continuing to assess the losses and determine the country’s reconstruction and recovery needs.
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