Nepal puts $4.78bn price tag on reconstruction after deadly glacial flood

The reconstruction bill for the deadly floods that struck Nepal last month will cost the country an estimated US$4.78 billion, according to the foreign ministry. The catastrophic event, triggered by a glacial mountain collapse, claimed over 1,400 lives and left around 5,600 people missing on August 26. The water, mud, and debris surged across the border from China, causing widespread devastation.

Approximately US$57.67 million is set aside for immediate reconstruction and recovery over the next six months, while the remaining US$4.71 billion is earmarked for long-term rebuilding efforts. Nepal's leaders emphasize the need for sustained international support to adapt to the rapidly changing mountain environment. Prime Minister Balendra Shah plans to raise this issue with the international community at the upcoming UN General Assembly.

Nepal, a predominantly rural nation of 30 million people, contributes a minuscule share of global greenhouse gas emissions compared to industrialized countries. The exact cause of the glacial collapse remains uncertain, but climate change is contributing to the melting of glaciers worldwide, heightening the risk of such disasters. Scientists note that glaciers in the Himalayas, the world's highest mountain range, are melting at an accelerated rate due to rising global temperatures.

The government is conducting a thorough post-disaster needs assessment to assess the full extent of loss and damage, including the financial requirements for recovery, rebuilding, and reconstruction. A preliminary UN assessment estimates building damage alone at US$158 million, with total losses, including damage to infrastructure, agricultural land, and humanitarian costs, expected to be significantly higher.

As of Friday, 1,385 bodies have been recovered, and around 5,130 people remain missing. In China, the toll stands at 43 dead and 519 missing, according to state media. Combined, the death toll rises to 1,428 people, with over 5,649 individuals still missing, including approximately 800 foreigners, including tourists and pilgrims.