Russia’s full-scale invasion of Ukraine has resulted in colossal human loss. According to the World Bank, this has already in 2023 amounted to 26 000 civilian casualties, the displacement of around 3.7 million people internally within Ukraine and around 5.9 million externally in Europe and beyond. The war has pushed 7.1 million people into poverty and reversed 15 years of economic development. This is reflected in the drastic increase in inequality, particularly among women, children, people with disabilities and elderly.

This CEPS Explainer aims to review what is at stake, how Ukraine’s reconstruction has been addressed thus far, and what conditions and timelines are necessary for scaling up efforts. It looks at the immediate and long-term needs for Ukraine’s recovery and reconstruction, examines the existing framework for coordinating and implementing rebuilding efforts, describes potential funding sources and analyses the financial support already committed for Ukraine’s reconstruction. Finally, it reviews Ukraine’s ability to effectively absorb reconstruction funds and outlines the basic conditions required for scaling up reconstruction.