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.
73 Articles
73 Articles
Nepal may need up to $5 billion to rebuild after deadly flash floods
Nepal could face a reconstruction bill of up to $5 billion after this week’s floods killed more than 600 people and left more than 2,000 unaccounted for across Nepal and Tibet. The disaster swept away bridges and roads, damaged hydropower projects and threatens to deepen pressure on an economy reliant on tourism, remittances and energy.
The cost of reconstruction of the regions and infrastructure affected by the devastating flood in Nepal could rise to "several billions".
American press publishes video showing the beginning of the avalanche in Nepal The number of deaths after the heavy rains that hit Nepal rose to 675, according to the update of disaster management authorities released this Saturday (29). The country's finance minister said that Nepal will need US$ 4 billion to US$ 5 billion (about R$ 20.8 billion to R$ 26 billion, by the current rating) to rebuild the areas affected by floods. The country said i…
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.
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