Wagle said the estimate remained provisional while authorities conduct a detailed assessment of losses from the August 26 disaster, which devastated settlements and infrastructure along river systems descending from the Nepal-Tibet border. He said the eventual requirement should be lower than the roughly $9 billion needed after Nepal’s 2015 earthquake.
The government is preparing a post-disaster needs assessment to establish the scale of reconstruction and rehabilitation, with officials indicating that international financial support will be sought once a clearer estimate is available. Wagle has said immediate rescue and relief remain the priority before medium- and long-term rebuilding begins.
Nepal’s Ministry of Foreign Affairs said on Saturday that 626 bodies had been recovered and about 2,400 people remained unaccounted for in the country. Deaths and disappearances have also been reported in Tibet, taking the toll across the affected Himalayan region higher. Search teams have continued operations despite poor weather, damaged roads and difficult access to remote communities.
Authorities say the cause of the flood has not yet been fully determined. Initial assessments indicate that a large mass of rock and ice collapsed in the high Himalayas, sending water, mud and debris through the Bhote Koshi and connected river systems. The surge flattened communities, swept away bridges and roads and damaged major hydropower facilities.
The destruction of electricity infrastructure is expected to add significantly to the economic cost. Power projects representing more than 12 per cent of Nepal’s generating capacity were damaged, while Wagle said earlier that around 25 concrete bridges and a 700-megawatt hydropower project were among the infrastructure hit.
Nepal’s economy relies heavily on remittances, tourism and hydropower, making the damage to transport links, energy assets and mountain districts particularly disruptive. A reconstruction requirement of $4 billion to $5 billion would represent an unusually large fiscal burden for the country, although the final cost will depend on the official damage assessment and the extent of external assistance.
The government has already released emergency resources for rescue and relief. Wagle said 2.34 billion Nepalese rupees was available in the Prime Minister Disaster Relief Fund and the Finance Ministry had allocated 1.17 billion rupees to the Home Ministry. The World Bank has also indicated financial assistance, while several governments and international organisations have offered support.
Nepal has asked foreign partners for specialised technical assistance in areas where domestic capability is limited, including tunnel rescue, infrastructure recovery and identification of victims. Foreign Minister Shishir Khanal said Nepal was mobilising its own search and rescue resources while seeking expertise for complex operations and subsequent recovery work.
India has dispatched 57.6 tonnes of relief material since the disaster, according to government statements, including temporary shelters, blankets, medicines, food, portable generators, water-purification tablets and other emergency supplies. An 11-member team of doctors, paramedics and tunnel-rescue specialists has also reached Nepal following Kathmandu’s request.
Prime Minister Narendra Modi spoke to Nepal’s Prime Minister Balendra Shah after the floods and offered humanitarian assistance. India’s authorities have also been working to trace and evacuate nationals caught in the affected region. By Saturday, the Ministry of External Affairs said 88 citizens from India had been rescued while 287 remained missing, along with 128 people of India origin holding other nationalities.
Nearly 15,000 security personnel have been deployed in Nepal for rescue work, supported by helicopters and drones where conditions allow. More than 3,700 people had been rescued by Friday, while aid agencies estimated that tens of thousands of people required assistance after homes, schools, health facilities and local services were damaged.
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