Catherine E.

Aguero

Candidate #: 3000

AICE Global Perspectives AS Level

Period 06

09/20/2022

Word Count: 477

KSS #2 - Current Event Writing Assignment Europe

Citation: Shalal,Andrea,(2022),”Rebuilding Ukraine after Russian invasion may cost $350 bln,

experts say”,Reuters.com.

Summary:

The Russo-Ukrainian conflict continues to escalate, resulting in the destruction of

buildings, stores, and homes, as well as the separation and deaths of family members and friends,

and the weakening of the Ukrainian economy due to the invasion. The invasion of Ukraine by

Russia cost Ukraine more than $97 billion in direct damages through June 1. However,

reconstruction could cost more than $350 billion, according to a World Bank report.

In addition to the disruption of economic flows and production, Ukraine suffered $252 billion in

losses from the war. As a result of the displacement of one third of Ukraine's population, it was

expected to rise to 21% from just 2% previously.

Urgent priorities, such as rebuilding thousands of damaged or destroyed schools and over 500

hospitals will result in over $130 million in repairs. It was also imperative to prepare for the
upcoming, likely brutal winter by fixing homes, restoring heating, and purchasing gas. A report

published by the World Bank estimated that Ukraine's reconstruction needs would total $349

billion as of the beginning of June. According to Ukraine's President Volodymyr Zelenskiy, the

country needs commitments from donor nations that they will continue to contribute $5 billion to

Ukraine in the following months. To support the economy of the neighboring countries of the

European Union, a portion of the funding needed for Ukraine's reconstruction will come from

them. Due to the enormous costs of housing, it will take many years for the area to be rebuilt and

repaired from the damage sustained during the conflict in the last few years.

Personal Reflection:

Devastating destruction of Ukrainian cities and towns following the Russian invasion

Due to the war between Russia and Ukraine, global supply chains are experiencing an outsized

impact. This is impeding the flow of goods, fueling world shortages, and resulting in food

shortages worldwide. Nevertheless, it is certain that the war on Ukraine has had an economic

impact, which has resulted in displacements of residents, shortages of food and supplies, and

military urgency; I believe this has affected many people across Europe and beyond as more

crises arise. It is estimated that more than $97 billion in direct damages have been incurred by

Ukraine as a result of the Russian invasion.

A disruption of the financial flow could have a cascading effect throughout the banking

system and trading markets, and as a result, this has affected markets around the world. It is fair

to say that the Russian-Ukrainian war has not only resulted in death and destruction, but has also
cost a lot to restore the country to a state of "normal" as it was before the invasion; the ruthless

war with Russia has affected many people around the world.