4 days ago
Nepal Flood Reconstruction Bill Could Reach $5 Billion
A glacier collapse caused a huge flood in the Himalayan mountains.
The flood carried rocks, ice, mud and debris through rivers in Nepal and Tibet.
It destroyed buildings, roads, bridges and important power facilities.
At least 626 people died in Nepal, and seven died in Tibet.
Thousands of people were still missing in Nepal and China.
Nepal estimates that rebuilding could cost between $4 billion and $5 billion.
That is almost one-tenth of the country’s economy, although the final cost may change.
Nepal asked other countries for special equipment and skills to rescue people, reopen roads and identify bodies.
Nepal’s initial reconstruction estimate is $4 billion to $5 billion, nearly one-tenth of its economy.
A glacier collapse unleashed rock, ice, mud and debris through Himalayan river systems, killing at least 626 people in Nepal and seven in Tibet.
Authorities reported 2,426 people missing in Nepal, while hundreds remained unaccounted for on the Chinese side.
Floods destroyed towns, roads, bridges and border infrastructure, and damaged hydropower projects representing more than 12% of Nepal’s generating capacity.
Nepal requested specialized foreign assistance as rescuers searched tunnels, restored transport links and supported body identification and recovery efforts.
- Who
- People in Nepal and China’s Tibet, rescuers, affected foreign visitors and Nepalese officials, including Finance Minister Swarnim Wagle.
- What
- A glacier-collapse-driven flood caused widespread deaths and destruction, with Nepal estimating $4 billion to $5 billion in reconstruction costs.
- Where
- Northern border areas of Nepal and China’s Tibet, including Rasuwa district, Himalayan river systems and the Gyirong border crossing.
- When
- The flood occurred on Wednesday, identified in one report as August 26; the reconstruction estimate was reported on Saturday, August 29.
- Why
- A high-altitude glacier collapse released a torrent of rock, ice, mud and debris into mountain river systems.
Initial Estimate
Unresolved Assessment
Reconstruction cost
Initial Estimate
Finance Minister Swarnim Wagle said Nepal’s initial rebuilding estimate is $4 billion to $5 billion, nearly one-tenth of the economy.
Unresolved Assessment
Officials stressed that the figure is only an estimate and may change after the full assessment of losses and damage.
Comparison with 2015 earthquake
Initial Estimate
Wagle said reconstruction would require much less than the roughly $9 billion associated with the 2015 earthquake.
Unresolved Assessment
The reports did not explain why the flood’s projected cost would be lower despite extensive damage to infrastructure and hydropower facilities.
Foreign assistance
Initial Estimate
India and China provided or organized rescue, relief and connectivity assistance for affected areas.
Unresolved Assessment
Nepal said it specifically needed technical expertise, including tunnel rescue, DNA testing, communications restoration and longer-term body storage, rather than only general search-and-rescue support.
Key facts
- Initial reconstruction estimate
- $4 billion to $5 billion
- Estimated economic share
- Nearly one-tenth of Nepal’s economy
- Reported deaths
- At least 626 in Nepal and seven in Tibet
- People missing
- 2,426 reported missing in Nepal; hundreds remained missing on the Chinese side
- Power infrastructure affected
- Damaged projects represent more than 12% of Nepal’s national generating capacity
- Rescue progress
- More than 3,700 people had reportedly been rescued in Nepal
- Specialized assistance requested
- Tunnel rescue, transport and communications restoration, DNA testing, body identification and body storage
- 2015 earthquake comparison
- The magnitude-7.8 earthquake involved about $9 billion in reconstruction costs and killed nearly 9,000 people
Quotes
Swarnim Wagle
Nepal's finance minister
“The initial estimate is between $4-$5 billion. Just an estimate, “We will require much less than what we needed for the 2015 earthquake. Loss and damage is being assessed.”
CNBC TV 18
telegraphindia.com
theprint.in
financialexpress.com
“We have already made requests for such specialised services and technical assistance in areas where we don’t have enough expertise and technical know-how.”
financialexpress.com
Sources
Nepal may need up to $5 billion to rebuild after deadly flash floods
Nepal flood reconstruction bill may reach USD 5 billion, nearly 10 per cent of economy - Telegraph India
Exclusive-Nepal’s flood damage may cost up to a tenth of economy to rebuild
A tenth of the economy wiped out: Nepal faces $4-5 billion flood reconstruction cost
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