5 days ago
Nepal Flood Reconstruction Could Cost $5 Billion
A major flash flood hit Nepal near its border with China on August 26.
It destroyed villages, roads, bridges and power equipment.
Hundreds of people have died, and many others are still missing.
Rescue workers are also facing danger from another possible flood linked to a burst dam and a lake blocked by debris.
Nepal’s only billionaire, Binod Chaudhary, said rebuilding could cost at least $5 billion.
He said the difficult mountain landscape will make rebuilding expensive and slow.
Nepal’s finance minister separately said the damage could total at least a few billion dollars.
Companies, the government, local groups and the army are helping people now and planning longer-term rebuilding.
Binod Chaudhary said rebuilding Nepal’s flood-damaged infrastructure could cost at least $5 billion.
Flash floods struck Nepal’s mountainous border region with China on August 26, destroying villages, roads, bridges and power facilities.
At least 469 people were confirmed dead, while reports put the number missing between about 1,000 and 1,200.
A fresh warning about a burst dam in Tibet and a debris-blocked lake complicated rescue operations.
Chaudhary Group is supporting relief efforts before shifting toward rebuilding homes, schools, businesses and local economies.
- Who
- Nepalese communities, rescue workers, the government, the army, Chaudhary Group and its chairman Binod Chaudhary are involved; Finance Minister Swarnim Wagle also provided a damage estimate.
- What
- Flash floods caused extensive deaths and damage, while Nepal began rescue, relief and planning for potentially multibillion-dollar reconstruction.
- Where
- Nepal’s mountainous border region with China, with related risks reported in Tibet.
- When
- The main floods struck on August 26; rescue operations and damage assessments were continuing afterward.
- Why
- The floods damaged or destroyed settlements and essential infrastructure, while Nepal’s difficult terrain makes recovery costly and time-consuming.
Private Reconstruction Estimate
Official Damage Assessment
Projected cost
Private Reconstruction Estimate
Binod Chaudhary said he would not be surprised if rebuilding eventually cost at least $5 billion, citing the destruction and Nepal’s difficult geography.
Official Damage Assessment
Finance Minister Swarnim Wagle said preliminary figures were worrying and that total losses and damages could reach at least a few billion dollars, but the final amount had not yet been quantified.
Immediate priorities
Private Reconstruction Estimate
Chaudhary Group said it was preparing relief and rehabilitation centers and would later support homes, schools, businesses and local economies.
Official Damage Assessment
Authorities and rescue teams remained focused on finding survivors and accounting for missing people while responding to continuing flood threats.
Key facts
- Potential reconstruction cost
- At least $5 billion, according to Binod Chaudhary’s estimate; it is not an official government projection.
- Confirmed deaths
- At least 469 people.
- People missing
- Reports cited about 1,000 to 1,200 missing, with figures differing between reports.
- Disaster date
- August 26.
- Infrastructure damage
- Villages, roads, bridges and power infrastructure were damaged or destroyed.
- Rescue effort
- More than 3,200 people were airlifted from affected areas, according to the Associated Press.
- Government damage estimate
- Finance Minister Swarnim Wagle said losses and damages could amount to at least a few billion dollars.
Quotes
Binod Chaudhary
Chairman of the Chaudhary Group and Nepal’s only billionaire
“All security personnel, rescue workers, and the general public deployed in rescue and relief operations are requested to remain alert and immediately move to a safe location.”
firstpost.com
“Cumulatively, I think the losses and damages, when they will be finally quantified in a week or so, will amount to at least a few billion dollars.”
firstpost.com
Sources
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