Nepal's flood damage may cost up to a tenth of economy to rebuild
Finance Minister Swarnim Wagle said damage to roads, bridges and power stations has made the floods a major blow to Nepal’s economy.
- 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.
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Nepal will need billions of dollars in reconstruction work after devastating floods, Foreign Minister Shishir Khanal said, as state authorities struggled to assess the extent of the damage.
Nepal estimated the cost of reconstruction after devastating floods that hit border areas by between $4 billion and $5 billion. The disaster left 633 people dead, thousands missing and extensive damage to infrastructure.
Nepal may need $4-5 billion for reconstruction after this week's devastating floods. Swarnim Wagle said that, according to the Nepalese media. (ANSA)
(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...
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