A drone view of firefighters conducting search and rescue operations at a damaged road leading to Gyirong Port after a mudslide, in Gyirong county, Shigatse, Tibet Autonomous Region, China August 28, 2026.
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Nepal will need at least “a few billion dollars” to recover from the devastation caused by flash floods, prompting the $45 billion economy to seek international funding for a massive reconstruction effort, according to Finance Minister Swarnim Wagle.At least 469 people have been confirmed dead, a toll that’s expected to rise in the coming days after flash floods sent an avalanche of rock, mud and water through a Nepalese valley near the border with China, wiping out bridges, roads and entire settlements. More than 1,500 people are missing across Nepal and China, including visitors from India, Malaysia, Australia, the UK and the US.“Cumulatively, I think the losses and damages when they will be finally quantified in a week or so, will amount to at least a few billion dollars,” Wagle told Haslinda Amin in an interview to Bloomberg Television. “Preliminary estimates are quite worrying.”The finance minister’s comments come after Nepal’s billionaire businessman Binod Chaudhary told Bloomberg News that he wouldn’t be surprised if rebuilding costs hit $5 billion. His Chaudhary Group spans 12 business verticals, from food nd telecom to infrastructure and banking.Nepal has a long experience in dealing with natural disaster as its location in the Himalayas makes it vulnerable to earthquakes, landslides and flash floods. A major earthquake in 2015 killed nearly 9,000 people and required a multi-year rebuilding effort requiring billion of dollars. More stories like this are available on bloomberg.comMore Like ThisPublished on August 28, 2026
