Nepal estimates flood reconstruction cost at $4.78 billion

Nepal estimates that reconstruction following deadly floods triggered by glacial and mountain collapses last month will cost US$4.78 billion, according to the Ministry of Foreign Affairs. 

Lok Bahadur Chhetri, spokesperson for Nepal’s Ministry of Foreign Affairs, said approximately US$57.67 million would be needed for short-term recovery and reconstruction over the next six months, while long-term reconstruction would require around US$4.71 billion. 

The tsunami-like surge of water, mud and debris, which began near the China-Nepal border on 26th August, killed more than 1,400 people and left around 5,600 missing. 

“The total estimated requirement for reconstruction is approximately US$4.78 billion,” Chhetri told reporters. 

A preliminary UN assessment estimated damage to buildings in Nepal at US$158 million alone, warning that total losses, including damage to roads, bridges and agricultural land, as well as humanitarian costs, would be far higher. 

Rescue teams in Nepal have recovered 1,385 bodies, while around 5,130 people remain missing, according to the country’s disaster agency. In China, 43 people have been confirmed dead and 519 remain missing, according to state media. 

WAM