Nepal needs over $4 billion for flood recovery, says finance minister

Nepal requires an estimated $4 to $5 billion to rebuild in the wake of devastating flash floods, according to Finance Minister Swarnim Wagle. He cautioned that these figures are preliminary as losses and damages are still being assessed.

While significant, the current damage is less severe than that caused by the 2015 earthquake, Nepal's worst disaster to date. The 7.8 magnitude earthquake resulted in $9 billion in damages, claimed 9,000 lives, and destroyed over half a million homes.

The recent floods were triggered by a glacial lake outburst in the Himalayas, sending a torrent of rocks, ice, and mud into rivers. The disaster has claimed over 600 lives in Nepal and Tibet, with more than 2,000 people still missing. The destructive force of the floods flattened villages, swept away bridges and roads, and caused damage to vital hydropower infrastructure.

Efforts are underway to fully quantify the extent of the devastation and to mobilize resources for the extensive recovery and reconstruction process ahead. The government is working to assess the full impact on infrastructure, housing, and the economy to guide the rebuilding efforts.

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This is only an estimate. Losses and damages are still being assessed.