Ukraine Reconstruction May Cost $1.1 Trillion, EIB Head Says

Bloomberg

Destroyed apartment buildings following Russian attacks, in Borodyanka, Ukraine.
Destroyed apartment buildings following Russian attacks, in Borodyanka, Ukraine.Photographer: Carlos Reyes/AFP/Getty Images

By s

21 June 2022

Ukraine may need as much as 1 trillion euros ($1.1 trillion) in outside assistance to repair the damages inflicted by Russia’s invasion, according to European Investment Bank chief Werner Hoyer. 

“I’ve put the trillion out there because I saw figures in the public space that I consider completely unrealistic when I look at the level of destruction” in Ukraine, said Hoyer, who runs the European Union’s lending arm. Europe “will have to play the biggest role” in this effort, he told a press briefing in Frankfurt.

The price tag comes as EU leaders are scheduled to meet Thursday and Friday in Brussels to discuss Ukraine’s reconstruction plan and its bid for membership of the bloc. The European Commission first proposed the latest aid package in mid-May to cover part of Ukraine’s financial needs of around 5 billion euros per month. 

Read More: EU Aims to Finalize $9.5 Billion Ukraine Loan Package This Week

The EIB could play a central role in funneling money from the EU to the war-torn country. It’s the German government’s preferred channel for the billions of euros that are expected to flow from the bloc, Bloomberg reported last month.

Hoyer also said he’s currently seeking to re-assign EIB commitments worth 1 billion to 1.5 billion euros for the Ukraine reconstruction effort. He may get approval for that as early as this week, he said.

— With assistance by Flavia Rotondi

3 comments

  1. Related: a post purporting to come from Dalia Grybauskaitė is doing the rounds on FB. Am unable to verify it’s her, but here it is anyway :

    SHAME ON YOU EUROPE! SHAME ON YOU NATO!
    By
    Dalia Grybauskaitė
    Shame on Europe. Shame on NATO, do you think you will stay in your cozy countries?
    Do you think you will continue to drink wine, eat cheese, sausages and ham and watch our patriotic war on YouTube?
    Do you think Putin has no plans to take revenge for the fact that “the Russians were on their knees”?
    Read the words of a great politician:
    “It simply came to our notice that:
    Sanctions will not stop Putin, whatever they may be. They are necessary, but without any exceptions, such as those we see in SWIFT outages or in the energy sector and the banks that serve it …
    Only a war that has already begun can stop a new war.
    The people of Ukraine are fighting for us, and the children of Ukraine are protecting us from Putin’s madness.
    The repetition of the mantra that NATO cannot help Ukraine already sounds pathetic and shows the cowardice of the West.
    Putin sees this too, although he is learning fast.
    The West still does not understand that Ukraine is in a European war. Either you take part in this and fight the aggressor, or you become an accomplice in war crimes, just standing and watching Ukraine and its people being destroyed. Yes, accomplice.
    If we do not stop Putin in Ukraine, we will still have to wage war, but in our countries.
    Ukraine is asking for real help, and we are watching residential quarters being demolished on our TV screens, and we keep saying that we “strongly support Ukraine.”
    I am ashamed to hear NATO leaders and officials mutter that they “cannot get involved in the conflict”.
    But we did it in Syria, Libya, Africa, Yugoslavia and Afghanistan, didn’t we?
    Today, Ukraine is fighting for the survival of its nation and for peace in Europe.
    Will we continue to watch the independent state collapse?
    Glory to Ukraine!
    Glory to her heroes, but so far only to her heroes, because there are no others on the horizon.

    Liked by 4 people

  2. “The repetition of the mantra that NATO cannot help Ukraine already sounds pathetic and shows the cowardice of the West.”

    True words from Mrs. Dalia Grybauskaitė! She’s always been a strong and righteous politician. She is the Margret Thatcher of the 21st century. Unfortunately, she’s only an ex-president of Lithuania and not a powerful nation.

    The cowardice of the West is glaring! It’s visible around the globe. China will take note! India too! Iran, North Korea, Venezuela … every nation on earth will take note and draw their own conclusions about our cowardice, apathy and pathetic, hollow rhetoric. This goes especially to the biggest cowards on this planet; Scholz, Macron, Draghi!

    Liked by 1 person

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