Flood-ravaged Nepal may need up to $5bn to rebuild
What's the story
Nepal is staring at a massive reconstruction bill of up to $5 billion after devastating floods hit the country. Prime Minister Balendra Shah has attributed the disaster to climate change and called for international action. The floods, which struck northern Nepal near the Tibet border, have left 1,003 dead and 3,916 missing in Nepal and about 550 missing in China.
Disaster details
Glacier collapse in Tibet triggered floods
The floods were triggered by a glacier collapse in Tibet, which sent a massive ice and rock mass hurtling down the valley.
This hit the Lhende river, temporarily blocking it before releasing a devastating flood downstream.
Prime Minister Shah described this as "one of the region's major disasters" and stressed that the disaster indicated "the risks we face in the Himalayan region are increasing alongside climate change."
Reconstruction costs
Nepal's Finance Minister estimates rebuilding costs
Nepal's Finance Minister Swarnim Wagle said initial estimates suggest the country may need up to $5 billion or $3.6 billion to rebuild the Rasuwa and Nuwakot districts near the Tibet border.
"We will require much less than what we needed for the 2015 earthquake. Loss and damage are being assessed," he told Reuters, but did not elaborate on why the reconstruction bill was expected to be less than the $9 billion spent after the 2015 7.8-magnitude quake, which killed 9,000.
Global response
Nepal's average yearly disaster losses are approximately $760 million
The Coalition for Disaster Resilient Infrastructure estimates Nepal's infrastructure exposed to climate-driven disasters could incur losses of hundreds of millions annually.
It estimates that $124 billion of Nepal's infrastructure is vulnerable to climate-related disasters, with the potential for hundreds of millions of dollars in losses each year.
According to a coalition report released earlier this year, Nepal's average yearly disaster losses are approximately $760 million, while the country's national disaster reserves are only a fraction of this figure.
Climate plea
Nepal calls for international action on climate change
Rescue operations are in full swing with over 11,000 people rescued so far across Nepal.
India has deployed a specialized tunnel rescue team to assist at hydropower sites.
China is sending DNA testing experts and relief supplies to help identify victims and provide aid. South Korea will also send a disaster relief team to support search-and-rescue efforts in Nepal.
The Himalayan nation has always faced natural disasters like landslides and floods, but scientists say climate change is worsening these events.