This is how much it will cost the EU to rebuild Ukraine

Any reconstruction efforts will also have to tackle rampant corruption in the country

editor: REMIX NEWS
author: Mandiner
A man tries to extinguish a fire following a Russian bombardment at a residential neighborhood in Kharkiv, Ukraine, Tuesday, April 19, 2022. (AP Photo/Felipe Dana)

The European Union plans to set up a solidarity fund to finance the reconstruction of war-torn Ukraine, which would mean that most of the costs would be borne by the member states, according to a Bloomberg article. According to the news agency, the European Commission is working on an EU “tool” focusing on the country’s long-term needs.

The fund would finance investments and reforms along the lines of the post-Covid-19 recovery fund for member states, but it is not yet clear how much support or loans would be provided. However, it is estimated this figure could reach hundreds of billions of euros.

The issues of post-war reconstruction and possible war reparations are expected to be on the agenda in the coming weeks, as senior officials in Brussels and Washington plan to discuss ways to provide financial support to Kyiv and ensure that the huge amount cannot be misused, Bloomberg wrote.

Transparency International’s 2021 Corruption Perception Index puts Ukraine in the lower third of the world’s countries, on par with Eswatini (formerly Swaziland) and just ahead of Gabon.

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