Nepal's flood damage may cost up to a tenth of economy to rebuild
Finance Minister Swarnim Wagle said damage to hydropower, roads and bridges has left loss and damage still being assessed.
- On Saturday, Finance Minister Swarnim Wagle told Reuters that Nepal may need $4 billion to $5 billion to rebuild after this week's devastating floods, a bill equal to nearly a tenth of the economy.
- A glacier collapse on Wednesday unleashed a torrent of rock, ice, and mud through Himalayan mountain river systems, killing more than 600 people in Nepal and China's Tibet, with more than 2,000 still missing.
- The disaster leveled border towns in Trishuli and Nuwakot, sweeping away bridges and roads while damaging hydropower stations that account for more than 12% of national generating capacity.
- Reconstruction costs will be less than the approximately $9 billion spent after the 2015 earthquake, which killed nearly 9,000 people and destroyed more than half a million homes.
- Loss and damage assessments continue following the floods, which represent a significant blow to an economy heavily reliant on tourism, remittances, and hydropower for stability.
14 Articles
14 Articles
(Jakarta=Yonhap News) Correspondent Son Hyun-kyu = The cost of recovering from the damage caused by the massive floods in the Himalayan mountain region on the border between Nepal and China could reach up to approximately 7 trillion won...
Nepal may need nearly a tenth of its economy to rebuild after devastating floods
Nepal's finance minister estimates flood reconstruction costs between four and five billion dollars. This devastating flood killed over 600 people and left thousands missing. The disaster destroyed towns, bridges, roads, and damaged hydropower stations significantly. Search and rescue operations continue despite disruptions from bad weather conditions. India has provided substantial relief materials to the affected regions.
EXCLUSIVE: Nepal's flood damage may cost up to a tenth of economy to rebuild
Nepal may need $4 billion to $5 billion to rebuild after this week's devastating floods, Finance Minister Swarnim Wagle told Reuters on Saturday, a bill equal to nearly a tenth of the economy.
Watch Nepal Billionaire: Rebuilding After Flood to Cost $5B
Binod Chaudhary, Chairman & President of Chaudhary Group, says efforts to rebuild Nepal’s infrastructure after a devastating flash flood this week could cost at least $5 billion. He also said the amount his group will be spending on this effort will be higher than it did in 2015, when a deadly earthquake had sparked similar nationwide reconstruction work. He appeared exclusively on Bloomberg's "Insight with Haslinda Amin."
Nepal Floods: Flash floods and landslides in Nepal, triggered by a glacier break, have caused massive devastation across a large area. Rescue operations are underway. Four countries, including India, have been called to Nepal to assist with rescue operations and identify bodies. This raises the question of when the situation in Nepal will return to normal and how much it will cost to cover the damage caused by the floods. On the morning of Augu…
Coverage Details
Bias Distribution
- 71% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
