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Buildings left in ruins following massive flooding in Bidur, Nepal, on the 29th (local time). / Yonhap News

Reconstruction from the massive flood disaster in the Himalayan mountainous region near the Nepal-China border is estimated to cost up to 5 billion dollars (approximately 6.9 trillion won), a figure approaching nearly 10% of Nepal's annual economy.

According to Reuters on the 29th (local time), Nepalese Finance Minister Swarnim Wagle estimated that reconstructing the damage from the flood that struck the northern Bagmati Province area on the 26th will require between 4 billion and 5 billion dollars.

However, this remains an initial estimate, and the final reconstruction bill could change depending on the full extent of the damage. Minister Wagle stated that authorities are currently assessing the full scale of damage, including casualties and property losses.

In an interview with Reuters, Minister Wagle anticipated that the flood recovery costs would be less than the amount needed following the 2015 earthquake.

In April 2015, a magnitude-7.8 earthquake struck Nepal, killing nearly 9,000 people and damaging around 1 million buildings. Historic landmarks and temples were also hit, with reconstruction costs at the time compiled at around 9 billion dollars.

Casualties from the latest flood are also continuing to mount. As of the 29th, Nepal has recorded 626 deaths and 2,426 people missing.

In Gyirong County, Shigatse City, in China's Tibet Autonomous Region, debris flows linked to the flood left seven people dead and 554 missing. As a result, the combined death toll across Nepal and China has risen to 633, with 2,980 people missing.

The Nepalese government is currently assessing the extent of additional damage alongside recovery operations centered on the affected areas.

                                                                                                             Kim Hyun-min