Ukraine requires an estimated €500 billion to €600 billion for its reconstruction, according to a senior official from the European Commission. On Wednesday, during a speech in Marrakech, European Commission Executive Vice President Valdis Dombrovskis emphasized the necessity for international collaboration in this massive undertaking. He assured that the European Union is prepared to lead and coordinate these efforts.

Dombrovskis highlighted the EU’s commitment to providing substantial and impactful support for Ukraine’s reconstruction needs. He mentioned that a proposal would be introduced later in the month, aiming to align infrastructure reconstruction support with the structural reforms Ukraine might require as it progresses towards EU candidacy.

The EU has been developing a solidarity trust fund for Ukraine, a directive from EU heads of state and government since March. This announcement marks the first time an EU official has publicly estimated the financial scope of the reconstruction effort. However, the projected cost is expected to increase as the conflict persists.

EU officials have advocated for Brussels to spearhead a comprehensive assistance plan, reminiscent of the Marshall Plan, to aid Ukraine once the conflict subsides. This initiative is part of a broader strategy to integrate Ukraine into the EU framework.

There are several proposed methods to finance this reconstruction, including seizing Russian frozen assets, requiring Russia to contribute as part of a peace agreement, or utilizing funds from international donors. These strategies reflect the EU’s determination to support Ukraine’s recovery and future integration into the European community.

Ukraine needs €500B to €600B for reconstruction: Commission’s Dombrovskis – POLITICO