Nepal's Finance Minister Swarnim Wagle has stated that the economic damage caused by the recent catastrophic flooding in the country is expected to reach at least several billion dollars. The disaster has severely impacted infrastructure and local communities, prompting urgent assessments of the financial toll.
According to Operative Information Center-OMM, which cited international media reports, Wagle emphasized the severity of the situation during a recent briefing. "Overall, I believe the total amount of losses and damages will amount to at least several billion dollars," the minister noted.
Local authorities, including the Nepal Police, have confirmed that the death toll from the floods has risen to 489. Furthermore, over 900 individuals remain missing, including 537 foreign nationals. The disaster was triggered on August 26 by a massive glacial collapse near the border between Nepal and China. In the Tibet region of China, authorities have confirmed five fatalities, with 558 people, including foreign tourists, reported missing. Such glacial lake outburst floods (GLOFs) are becoming an increasing concern in the Himalayan region due to climate change, which accelerates glacial melting and destabilizes mountain slopes, posing significant risks to downstream populations and infrastructure.
