Nepal estimates $4.78 billion reconstruction bill after deadly floods

Nepal estimates it will need about $4.78 billion to recover and rebuild after catastrophic floods triggered by a glacial collapse last month, the Foreign Ministry said.

The August 26 disaster began near the China-Nepal border and unleashed tsunami-like floods that devastated communities across the region. Nepalese authorities say at least 1,385 people have died and about 5,130 remain missing. In neighbouring China, 43 people were reported dead and 519 missing, The Straits Times reports. 

Nepal estimates about $57.7 million will be needed for immediate recovery over the next six months, while roughly $4.71 billion will be required for longer-term reconstruction.

Prime Minister Balendra Shah is expected to raise Nepal’s growing climate-related disaster risks during his first foreign trip as premier, when he addresses the UN General Assembly later this month.

Foreign Secretary Amrit Bahadur Rai said Shah would seek greater international attention and support for Nepal, a Himalayan country highly vulnerable to the effects of climate change despite contributing only a small share of global greenhouse-gas emissions.

The United Nations has estimated that damage to buildings alone amounts to about $158 million and has launched a $50 million appeal to assist more than 84,000 people.

Rescue teams continue searching flooded hydropower tunnels and other affected areas, although authorities say operations are increasingly shifting from search and rescue to relief and recovery.