Rebuilding Gaza will cost over $50 billion, a new report says

The World Bank, United Nations and the European Union are pointing to a formidable international reconstruction effort ahead for Gaza, which they estimate will cost $53.2 billion.

“Funding will require a broad coalition of donors, diverse financing instruments, private sector resources and significant improvements in the delivery of reconstruction materials to Gaza,” said the report released Tuesday.

The organizations said they would work with partners to devise a “strategic plan” to oversee the recovery and reconstruction.

The report identified almost $30 billion in damage as a result of the war — with nearly half of that due to destruction of homes. The war has displaced an estimated 90% of Gaza’s population, and since a ceasefire took effect last month, many displaced Palestinians have returned to find their former homes in ruins.

The report said Gaza would require about $20 billion for recovery and reconstruction needs over the next three years. It says an additional $33 billion will be needed in the long term, including funds to rebuild the territory’s social and health services and the battered economy.