Ukraine will need $411bn for reconstruction efforts, Interfax Ukraine reported on March 23.

The costs are expected to span 10 years and funding will be sourced from both public and private sources. The latest figure comes after the World Bank Group, the Ukrainian Government, the European Commission and the United Nations revised the previous calculation of $349bn.

"Ukraine's recovery and reconstruction will take several years but the good news is that the country's resilience and determination as well as partner support during the invasion [are] containing damages and reducing the needs," said Anna Bjerde, World Bank vice president for Europe and Central Asia.

The Second Rapid Damage and Needs Assessment (RDNA2) takes into account inflation, increased costs for mass construction, market conditions, higher insurance premiums, and improved energy-efficient infrastructure. The report states that Ukraine will need $14bn this year for rapid recovery.

Moreover, the Kyiv School of Economics (KSE) calculated that the damage to infrastructure alone amounts to $143.8bn as of February 2023. With the war still ongoing, the KSE believes this will continue to grow.

The greatest costs are in transport (22%), housing (17%), energy (11%), social protection and livelihoods (10%), explosive ordnance management (9%) and agriculture (7%). The regions of Donetsk, Luhansk, Kharkiv and Kherson will require the most funding.

Kyiv announced that the top five priorities for 2023 are infrastructure, housing, critical infrastructure, economy and humanitarian demining.

Meanwhile, the EU has assured Ukraine that it will continue to provide recovery support, particularly in the fields of energy, education, housing and health infrastructure.

With the war showing no sign of ending, the costs are likely to exceed the current calculations. Ukrainian Prime Minister Denys Shmyhal has previously said that Russia has caused $700bn worth of damage to Ukraine.

To discuss the issue of raising funding for Ukraine, a Financial Ramstein platform was created, with the first meeting held on January 26. It will operate in three main areas: sustainable short-term and long-term support for Ukraine, international financing and co-ordination of reforms and private sector development.