The European Bank for Reconstruction and Development (EBRD) has warned of the need for additional international financing to repair the protective structure at the Chernobyl Nuclear Power Plant. Despite the commitments already announced by G7 countries, the funds available for a full repair of the containment damaged by a Russian strike are still insufficient.
EBRD President Odile Renaud-Basso made this statement in an interview with Politico, published on November 5.
According to preliminary bank estimates, restoring the New Safe Confinement at the Chornobyl NPP will cost at least €500 million. In October, G7 countries announced financial commitments totaling €260 million. Thus, to cover the minimum estimated repair cost, approximately €240 million more must be secured in addition to the already announced commitments. The final need may change after technical assessments are completed and contributions from other donors are clarified.
Renaud-Basso stressed that restoring the protective structure cannot be viewed solely as Ukraine's problem. In her words, it is a matter of international nuclear safety, so responsibility for financing should be shared by various states.
The New Safe Confinement, built over the destroyed fourth reactor of the Chernobyl NPP, was seriously damaged by a Russian drone strike on February 14, 2025. The attack breached the containment structure and damaged systems necessary for its full functioning.
There is no immediate radiation threat at present, but the EBRD insists on the need to complete restoration by 2030. Further delay could lead to corrosion of structural elements due to moisture, making safe management of radioactive materials more difficult and more expensive.
The next funding mobilization phase is scheduled for November 9. A donor conference, co-organized by France, Ukraine, and the EBRD, will take place in Paris. The bank expects to receive new financial commitments, though fully closing the gap during a single event will be difficult, according to Renaud-Basso.
The EBRD also plans to broaden the donor base by engaging additional European states, Gulf countries, and other international partners.
The bank aims to secure the necessary financing to contract and begin major repair works in 2028. The repair itself is expected to take approximately two years. Preparatory engineering works at the site have already begun.
According to Renaud-Basso, the EBRD does not count on Russia's voluntary participation in financing the repairs, although costs may be sought later through a war reparations mechanism.
The EBRD previously stated that international partners should help restore two main functions of the confinement: isolation of radioactive materials and enabling safe dismantling of unstable structures of the old shelter at the fourth reactor.
Sources: Politico, European Bank for Reconstruction and Development
