Research by the World Bank estimates that it will cost Ukraine $411bn over the next decade to recover and rebuild after Russia's invasion, with the cost of removing the wreckage from destroyed cities and towns standing at $5bn.
As long as the war continues, estimations should be regarded as minimums, according to a report released on Wednesday.
The $411bn projection, produced jointly by Ukraine's government, the World Bank, the European Commission, and the United Nations, represented an increase from the $349bn estimate in the bank's September report.
The report details some of the economic and human costs of Russia's war, including the destruction of nearly 2 million homes, the destruction of more than one in five public health institutions, the destruction or theft of 650 ambulances, and the death of at least 9,655 civilians, including 455 children.
Anna Bjerde, vice president of the World Bank for Europe and Central Asia, stated on Wednesday that the rehabilitation of Ukraine will "take several years."
The analysis estimates $135 billion in direct damage to buildings and infrastructure due to the battle, which has lasted for more than a year.
Bjerde told reporters that the destruction could have been much worse if not for the defence made by Ukrainian forces, which kept the worst wreckage restricted to the front-line regions of Donetsk, Kharkiv, Luhansk, and Kherson.
The review estimates that in 2023 alone, Kyiv would require $14 billion for vital and priority repair and recovery investments. The International Monetary Fund said it secured a staff-level agreement with Ukraine for a $15.6bn, four-year loan package on Tuesday.
The World Bank reported in February that Ukraine continues to sustain vital public services, such as keeping schools and hospitals open, paying the wages of teachers and civil officials, and paying pensions.
The bank's Bjerde said, "Supporting these essential services continues to be a top priority, and Ukraine need approximately $3 to $4 billion each month to maintain them."
Due to Russia's invasion, millions of Ukrainians were displaced. Due to the battle, global food and energy costs have also increased.
According to the World Bank, Russia's invasion of Ukraine has already reversed 15 years of economic development by reducing the country's GDP by 29 per cent and plunging 1.7 million Ukrainians into poverty.
According to the study, despite the attacks and intense combat in the country's east, the government, private business sector, and recovery efforts must continue. The bank stated that delaying the reconstruction of Ukraine could result in the country "settling into a position of low or no growth and facing enormous social issues once the war ends."
Russia's deliberate attacks on the electrical grid and other energy hubs over the winter to freeze the Ukrainian population and leadership into submission have caused the most damage to Ukraine's energy industry recently.
According to the World Bank, damage to the energy sector is five times bigger than in the summer of 2017.
Energy infrastructure, housing, critical infrastructure, the economy, and humanitarian demining are our five objectives for this year, said Ukrainian Prime Minister Denys Shmyhal on Wednesday.
Shmyhal cautioned that "the level of damage and recovery needs does not currently include data on the destruction of infrastructure, residences, and companies in occupied regions."
He stated that the Ukrainian government would begin rehabilitation once these lands were liberated.