Nepal may need nearly a tenth of its economy to rebuild after devastating floods
Nepal faces a reconstruction bill of up to $5 billion following devastating floods that killed over 600 people. The disaster has severely damaged infrastructure and hydropower projects, impacting nearly 10% of the nation's economy.
Why it matters
The scale of the disaster highlights the extreme vulnerability of Himalayan nations to climate-induced geological and weather events.
Nepal may need between $4 billion and $5 billion to rebuild after this week's devastating floods, finance minister Swarnim Wagle told Reuters on Saturday, as authorities continued to assess the scale of loss and damage."The initial estimate is between $4-$5 billion. Just an estimate," Wagle said. "We will require much less than what we needed for the 2015 earthquake. Loss and damage is being assessed."The reconstruction bill would amount to nearly a tenth of Nepal's economy.Over 600 killed, thousands still missingA glacier collapse on Wednesday unleashed a huge torrent of rock, ice, mud and debris through Himalayan mountain river systems, killing more than 600 people in Nepal and China's Tibet.
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