Title page 1

Contents 1

Introduction 2

Assumptions on Ukraine's future aid needs and ways of financing them 2

Estimates of war damages and post-war recovery and reconstruction needs 4

Summary of international aid to Ukraine, 2022-2026 9

The potential of recovery and reconstruction aid financed from the 2028-2034 MFF and other EU and non-EU sources 10

Potential obstacles to mobilising financial aid to Ukraine and how to overcome them 11

Recovery and reconstruction aid management and conditionality 12

Conclusions and recommendations 13

Table 1. Damage by sectors: estimates for territories remaining under the control of theUkrainian authorities, USD billion 5

Table 2. Recovery and reconstruction needs by sector and source of funding, USD billion 6