The World Bank and the European Commission estimated Ukraine's reconstruction needs at USD 350 billion as of June 2022, but the amount may exceed USD 600-750 billion.

Ukraine’s Prime Minister Denys Shmyhal stated this at the opening of the "Rapid Recovery of Ukraine" business forum in Luxembourg, the CFTS portal reports, citing the Ukrinform state news agency.

"When we are talking about recovery, we are thinking not only about the distant future. Recovery should start now," Shmyhal said.

According to him, five rapid-recovery financing priorities have been identified. The first is the energy industry. He said that Russia has attacked over 400 electricity and heat supply facilities. Shmyhal emphasized that Ukraine is striving not just to restore its energy network, but also to decentralize it, which will make it less vulnerable and guarantee the supply of electricity to Ukrainian homes and businesses.

"The second priority is housing. Losses from the destruction of the housing stock amounted to USD 54 billion at the end of last year. About 150,000 houses have been damaged or destroyed. Their reconstruction will be a prerequisite for the return of hundreds of thousands of Ukrainians from abroad," the prime minister said.

The third priority, according to him, is humanitarian de-mining. He said that Russian shells have contaminated over 30% of Ukraine’s territory, and it will take at least 5 years to clear them.

The fourth priority, according to the Ukrainian prime minister, is critical and social infrastructure, such as roads, bridges, communal facilities, water, heat, and gas supply networks, schools, and hospitals.

The fifth priority is helping the private sector.

The prime minister emphasized that these plans should be backed by financial resources, primarily confiscated Russian assets, as well as by funds from the state budget, Ukraine’s international partners, and donations made via the United24 fundraising platform.