Devastating Nepal flood damage may cost up to a tenth of economy to rebuild

Nepal's Finance Minister, Swarnim Wagle, estimated on Saturday that rebuilding efforts following this week's devastating floods could cost between $4 billion and $5 billion. This figure represents nearly a tenth of the country's economy. The floods, caused by a glacier collapse on Wednesday, have resulted in over 600 deaths in Nepal and China's Tibet, with more than 2,000 people still missing. The disaster destroyed towns, bridges, roads, and damaged significant hydropower stations, impacting over 12% of Nepal's national generating capacity. Wagle noted that this reconstruction cost is expected to be less than the $9 billion required after the 2015 earthquake, stating, "The initial estimate is between $4-$5 billion. Just an estimate."