Nepal needs between $4 billion and $5 billion for reconstruction following the devastating floods that struck the country, Finance Minister Swarnim Wagle said, noting that the estimated cost is equivalent to around one-tenth of Nepal’s economy.
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A massive landslide last Wednesday sent huge amounts of rocks, ice, mud and debris through mountain river valleys in the Himalayas, killing more than 626 people in Nepal and China’s Tibet region, while the whereabouts of more than 2,000 people remain unknown.
“The initial estimate is between $4 billion and $5 billion. This is only an estimate,” Wagle told Reuters on Saturday. “We will need significantly less than what was required after the 2015 earthquake. The assessment of losses and damage is currently underway.”
Wagle did not explain why the reconstruction costs are expected to be lower than the $9 billion spent following the 7.8-magnitude earthquake in 2015, which is considered the worst disaster in Nepal’s recorded history.
The 2015 earthquake killed around 9,000 people, destroyed more than 500,000 homes and caused losses estimated at roughly one-third of Nepal’s economy.
Nepal’s disaster management agency said more than 3,700 people have been rescued so far. Chinese state media reported that 554 people remain missing on the Chinese side of the disaster zone.
Hundreds of those reported missing are foreigners who were in the area for work or recreation.
