Nepal Flood Recovery Costs Estimated at Up to KRW 7 Trillion, Near 10% of Economy

The cost of recovering from massive floods that struck the Himalayan mountainous region along the Nepal-China border is estimated to reach up to approximately KRW 7 trillion.

According to Reuters on the local date of the 29th, Nepali Finance Minister Swarnim Wagle stated that $4 billion to $5 billion (approximately KRW 5.5 trillion to KRW 6.9 trillion) will be needed to recover from the massive floods that occurred on the 26th in areas including Bagmati Province in northern Nepal.

The upper estimate of $5 billion is close to 10 percent of Nepal's entire economic size.

However, Minister Wagle added the caveat that this is an initial estimate.

In an interview with Reuters, he said, "It will require much less than the 2015 Nepal earthquake," while adding, "We are currently assessing the extent of losses and damages."

In 2015, a magnitude 7.8 earthquake struck Nepal, killing about 9,000 people and destroying 1 million buildings.

At the time, historical landmarks and temples were also damaged, and recovery costs amounted to $9 billion (approximately KRW 12.4 trillion), according to Reuters.

Due to the current floods, 626 people have died and 2,426 remain missing as of this day.

Combined with 7 deaths and 554 missing persons from a debris flow linked to the floods in Gyirong County, Xigaze, in the Tibet Autonomous Region of China near the border on the same day, the total death toll across both countries currently stands at 633, with 2,980 people missing.

(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.