Translation. Region: Russian Federation –
Source: United Nations – United Nations –
An important disclaimer is at the bottom of this article.
February 23, 2026 Peace and security
Four years after the start of full-scale war, Ukraine's reconstruction over the next decade will require nearly $588 billion (over €500 billion), according to an updated joint damage and needs assessment prepared by the Ukrainian government, the World Bank, the European Commission, and the United Nations. This amount is almost three times the country's projected nominal GDP for 2025.
With the support of international partners, the Ukrainian authorities are already planning priority recovery projects for 2026. These include public investments and key assistance programs—rebuilding damaged housing, demining, and economic support—worth over $15 billion. Furthermore, since February 2022, at least $20 billion has already been allocated for immediate repairs to damaged facilities and recovery programs for projects in housing, energy, education, transportation, and other vital services.
We remain capable of recovering quickly and moving forward. I thank the World Bank, EU, and UN teams for supporting our efforts.
"Four years after Russia's full-scale invasion, the total cost of Ukraine's recovery and reconstruction is now estimated at nearly $588 billion over the next decade – nearly three times the country's projected nominal GDP for 2025," noted Ukrainian Prime Minister Yulia Svyrydenko. "Despite unprecedented Russian attacks on energy infrastructure and residential buildings across Ukraine this winter, our people are demonstrating resilience, and businesses continue to operate. We remain capable of quickly recovering and moving forward. I thank the teams of the World Bank, the EU, and the UN for supporting our efforts. This assistance allows us to urgently repair critical infrastructure and continue systemic recovery, with a particular focus on energy and housing."
The report covers the period from February 2022 to December 2025 – nearly four years of war. According to it, direct damage has already exceeded $195 billion (€166 billion), compared to $176 billion a year earlier. Housing, transportation, and energy have been hit the hardest, particularly in frontline regions and large cities.
Energy infrastructure continues to be subject to intense attacks: the number of damaged or destroyed facilities has increased by approximately 21 percent compared to the previous estimate. In the transportation sector, needs have increased by approximately 24 percent due to attacks on railways and ports in 2025. By the end of 2025, 14 percent of the country's housing stock—that's more than three million households—has been damaged or destroyed.
"Despite the massive destruction that continues to wreak havoc on Ukraine's people, economy, and infrastructure, the entire country is demonstrating exceptional resilience and resolve," said Anna Bjerde, World Bank Managing Director for Operations. "The World Bank Group is steadfastly committed to supporting Ukraine's recovery, helping create jobs, opportunity, and hope in a resilient, modern, and competitive economy."
The report's authors note that the private sector will play a key role in the recovery. However, further reforms are needed to attract investment, including improving the business climate, expanding access to finance, and adapting the economy to the European Union's environmental and digital standards.
The return of refugees, the reintegration of veterans and the participation of women in the labour market will determine the economic recovery as much as investment and infrastructure rehabilitation.
"Russia's war of aggression continues to have a devastating impact on Ukraine," stressed EU Enlargement Commissioner Marta Kos. "The EU will continue to play a key role in supporting Ukraine's recovery, mobilizing private investment through the Investment Framework for Ukraine and promoting reforms through the Ukraine Action Plan that will help attract investment and bring the country closer to EU membership."
The largest long-term costs are associated with the transportation sector – over $96 billion. These are followed by energy (almost $91 billion), housing (almost $90 billion), trade and industry (over $63 billion), and agriculture (over $55 billion). Nearly $28 billion will be needed for demining and rubble removal.
"Recovery efforts are people-centered. Ukraine's greatest resource is its people. The return of refugees, the reintegration of veterans, and women's participation in the labor market will determine economic recovery as much as investment and infrastructure rehabilitation. Recovery must be people-centered and community-centered," said UN Regional Coordinator Matthias Schmale.
The report also emphasizes that the country's future economic strategy—"Economy of Ukraine's Future"—focuses on macro-financial stability, governance reforms, private sector development, infrastructure rehabilitation, and investment in human capital, which should strengthen investor confidence and accelerate Ukraine's rapprochement with the European Union.
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