বাংলাNepal may need between $4 billion and $5 billion to rebuild after devastating floods and natural disasters, Finance Minister Swarnim Wagle has said. The estimated cost is equivalent to around 10% of the country’s economy, putting significant pressure on the Nepal economy.
Speaking to Reuters on Saturday, August 29, Wagle said the figure is an initial estimate and that the full extent of the flood damage is still being assessed. He expects reconstruction costs to be lower than those following Nepal’s devastating 2015 earthquake.
On Wednesday, a glacier collapse sent huge flows of rocks, ice, mud and debris through Himalayan rivers. More than 600 people have reportedly died in Nepal and Tibet, while over 2,000 remain missing. Several towns near the border have also suffered extensive damage.
Strong floodwaters swept away bridges and roads and damaged several major hydropower plants. Rebuilding this infrastructure will be a major challenge for the Nepal economy.
The magnitude 7.8 earthquake in 2015 killed nearly 9,000 people and destroyed more than 500,000 homes. Reconstruction costs reached about $9 billion, while economic losses were equivalent to roughly one-third of Nepal’s economy. The latest disaster is also threatening the remittance, tourism and hydropower-dependent Nepal economy.
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