More than 50bn needed to rebuild Gaza

More than $50bn needed to rebuild Gaza

Reconstruction efforts in Gaza will require more than $50bn after 15 months of Israel’s devastating war, according to a new assessment by the United Nations, the European Union and the World Bank, Al Jazeera reported.

The figures come as Arab countries continue to scramble to find a viable recovery plan as an alternative to the mass displacement of the Palestinian enclave’s 2 million residents proposed by United States President Donald Trump.

The Gaza & West Bank Interim Rapid Damage and Needs Assessment (IRDNA), published on Tuesday, calculated that Israel’s war on Gaza caused $49bn in destruction between October 8, 2023 and October 8, 2024.

Researchers concluded that $53.2bn is now needed for the recovery and reconstruction of the Palestinian territory over the next 10 years, with about $20bn of the full amount required in the first three years alone.

“Funding will require a broad coalition of donors, diverse financing instruments, private sector resources, and significant improvements in the delivery of reconstruction materials to Gaza in the post-conflict period,” the joint report states.

More than half the total estimated cost of rebuilding, or $29.9bn, is needed for damaged buildings and other key infrastructure, while funds to replenish Gaza’s destroyed residential housing stock form the bulk of that figure – $15.2bn.

Housing suffered the most during Israel’s 15-month-long attack on the territory, with the report writers estimating that it accounted for 53 percent of the total destruction wrought by Israeli forces in Gaza, amounting to more than 292,000 homes destroyed or damaged.

Another $19.1bn is required to make up for social and economic losses resulting from severe damage to Gaza’s health, education, commerce and industry sectors, the report estimates.

The researchers also state that 95 percent of Gaza’s hospitals are now non-functional, while the local economy has contracted by 83 percent.

The IRDNA is a follow-up to the Interim Damage Assessment (IDA) published by the UN, EU and World Bank in April 2024, which estimated about $18.5bn in damages after just four months of Israel’s war.

Years of clearing unexploded ordnance and removing millions of tons of rubble also lie ahead as part of the reconstruction efforts.
 

source: tehrantimes.com