Ukraine needs around €500 billion-€600 billion for reconstruction, a top European Commission official said Wednesday, pledging the EU will cover a “large” part of it.
Speaking in Marrakech, European Commission Executive Vice President Valdis Dombrovskis said such an effort “will require coordination of the international community, and from the European Union side, we’re willing to do this coordination.”
The EU will also “provide large and very meaningful support for these reconstruction needs,” he added, noting a proposal will come later this month that would “link this support for infrastructure reconstruction … with structural reforms which Ukraine may need as an EU candidate country.”
The EU has been working on a solidarity trust fund for Ukraine as required by EU heads of state and government in March, but it’s the first time that an EU official put a price tag on the effort. However, this figure is likely to rise as war continues.
EU officials have been calling on Brussels to take a leading role in providing “Marshall plan”-like assistance to the country once hostilities cease, as part of an effort to bring Ukraine into the EU’s fold.
There are various ideas on how to finance this effort, including by confiscating Russian frozen assets, making Russia pay as part of a peace settlement, or channeling money from international donors.