More than $50 billion will be needed to rebuild the Gaza Strip after the 15-month conflict between Israel and Hamas in the Palestinian enclave. This was announced by the United Nations, the European Union and the World Bank in a joint statement.
The Interim Rapid Damage and Needs Assessment (IRDNA) indicates that $53.2 billion is needed for recovery and reconstruction over the next 10 years, with $20 billion needed over the first three.
More than half of the total estimated recovery costs, or $29.9 billion, will go to repair damage to buildings and other infrastructure, including housing, which will require about $15.2 billion for reconstruction. Another $19.1 billion will be needed to compensate for the social and economic losses, including the health, education, trade and industry sectors devastated by the conflict.
The Israeli campaign in Gaza was launched in response to the Hamas attack on October 7, 2023, in which 1,200 people were killed and more than 250 were taken hostage. Israel's operation has claimed the lives of more than 48,000 people and left the enclave in ruins.
Years of reconstruction work lie ahead, including clearing unexploded ordnance and millions of tons of debris. The report, released amid a fragile ceasefire that began last month, warns that conditions are not yet in place to begin large-scale recovery and reconstruction efforts due to a lack of clarity on how the enclave will be governed after the war and what security measures will be put in place.
More than 292,000 homes in Gaza have been destroyed or damaged, and 95% of hospitals are out of service. The local economy has shrunk by 83%.