Nepal's flood damage may cost up to a tenth of economy to rebuild
Finance Minister Swarnim Wagle said damage from the floods could cost nearly a tenth of Nepal’s economy to repair.
- 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 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's Finance Minister Swarnim Wagle announced that the reconstruction costs following the floods on the Nepal-China border could range from $4 to $5 billion.
Nepal's Finance Minister Swarnim Wagle said that reconstruction following the devastating floods, which have so far claimed 626 lives and left 2,500 missing, may require between $4 and $5 billion, which is almost a tenth of Nepal's economy.
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