Nepal may need between $4 billion and $5 billion to rebuild after devastating floods and mudslides this week, with the government still assessing the full extent of the damage.
Reuters reported that Nepal's Finance Minister Swarnim Wagle described the figure as an initial estimate, saying the final reconstruction bill could change as authorities assess the losses.
Wagle said Nepal is expected to require significantly less for reconstruction than it did after the devastating 2015 earthquake. “The initial estimate is between $4-$5 billion. Just an estimate,” he told Reuters.
“We will require much less than what we needed for the 2015 earthquake. Loss and damage is being assessed.”
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The estimated reconstruction bill could amount to nearly a tenth of Nepal's economy, highlighting the scale of the damage caused by the disaster.
Wagle said the figure was only an initial estimate, with authorities still assessing the extent of the losses.
A glacier collapse on Wednesday triggered a massive torrent of rock, ice, mud and debris through Himalayan river systems, killing more than 600 people in Nepal and China's Tibet and leaving thousands unaccounted for.
According to figures reported by AP after authorities updated the toll on Saturday, 676 people have died across Nepal and Tibet, while nearly 3,000 remain missing. Chinese authorities have reported seven deaths and more than 550 people missing.
The floods swept through towns in the border region, destroying bridges and roads and damaging major hydropower facilities. The affected power projects account for more than 12% of Nepal's national generating capacity, adding to the economic impact.
The disaster comes as a major setback for Nepal's economy, which relies heavily on remittances, tourism and hydropower.
Reuters reported that the projected rebuilding cost remains below the roughly $9 billion reconstruction bill following Nepal's 2015 magnitude-7.8 earthquake.
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That disaster killed nearly 9,000 people, destroyed more than half a million homes and caused losses estimated at around a third of the country's economy.
Meanwhile, rescue and relief operations have entered their fourth day. NDTV reported that more than 300 Indians are still reported missing, while India has sent a third flight carrying 10 tonnes of humanitarian aid and an 11-member team of doctors and tunnel-rescue specialists.
Around 400 Indian tourists are reportedly safe in Tibet, while 152 have crossed into Nepal. Twenty-one tourists from Tamil Nadu have returned to New Delhi, although the state government said around 80 of its tourists remain missing.
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