Reconstruction of Ukraine, international conference kicks off in Lugano
The Ukraine Recovery Conference kicks off today in Lugano, Switzerland, to develop a ” Marshall Plan ” for the future reconstruction of Ukraine, from an economic and infrastructural point of view, but also from a social and humanitarian point of view.
Expected participation of Ukrainian Prime Minister Denys Shmyhal, President of the European Commission Ursula von der Leyen, as well as representatives of 36 countries and 13 international organizations. Ukrainian President Volodymyr Zelensky will virtually participate.
Undersecretary Benedetto Della Vedova will lead the Italian delegation.
The event will be chaired by Ignazio Cassis, president of the Swiss Confederation. It is estimated that more than 120,000 homes in Ukraine were destroyed during the Russian invasion, creating the need for billions in revenue to economically restore the country and make it a European economy.
The extent of the reconstruction will depend on the outcome and duration of the war and whether eastern Ukraine, where the worst devastation occurred, will be returned to Kiev or remain in Russian hands.
The cost of the war is estimated at a trillion dollars if it lasts until the end of the year. The International Monetary Fund estimated Ukraine’s balance of payments gap as of June to be around € 14.3 billion ($ 15 billion). The Kyiv School of Economics (KSE) has estimated the damage done so far to buildings and infrastructure at nearly $ 104 billion. At least 45 million square meters of housing, 256 businesses, 656 medical institutions and 1,177 educational institutions are estimated to have been damaged, destroyed or seized, while the Ukrainian economy had already suffered losses of up to $ 600 billion.