Chernobyl shelter needs €500 million in repairs after Russian strike, with funding still incomplete - EBRD

The repairs are estimated to cost around €500 million, with G7 countries already pledging €260 million in October, according to Politico.

The bank hopes to secure further commitments at a fundraising conference in Paris on November 9, co-chaired by France, Ukraine and the EBRD.

"It's not a Ukrainian problem," EBRD President Odile Renaud-Basso told Politico. "Everybody should feel concerned about nuclear safety globally."

Why the repairs are urgent

The New Safe Confinement, a massive steel structure covering the remains of Reactor 4, was damaged in a Russian drone attack in February 2025.

The structure was built to contain radioactive materials and enable the safe management of the reactor destroyed in the 1986 Chernobyl disaster.

Although there is no immediate danger from the site, Renaud-Basso warned that the damage must be repaired before 2030.

Without restoration, moisture could cause corrosion beneath the protective arch, making radioactive waste management significantly more difficult and expensive.

Following the Russian strike, the International Atomic Energy Agency reported in December 2025 that the structure had lost some of its key safety functions, including its ability to contain radioactive material, although its supporting structures and monitoring systems remained intact.

Funding and timeline

The EBRD estimates that repairs will cost approximately €500 million, although technical assessments are continuing.

G7 countries pledged €260 million in October, covering just over half the estimated cost. Based on those figures, roughly €240 million remains to be secured.

The bank hopes to obtain enough funding to award contracts and begin major restoration work in 2028. The repairs are expected to take approximately two years.

Renaud-Basso acknowledged that securing the remaining funds would be challenging and that the upcoming Paris conference might not produce all the necessary commitments immediately.

The EBRD is seeking contributions beyond the G7, including from European countries, Gulf states and other international partners.

The bank does not expect Russia to contribute directly to the repairs, although Renaud-Basso said the costs could potentially be recovered through future war reparations.

She stressed that restoring the Chernobyl shelter should be viewed as an investment in international nuclear safety rather than simply another form of assistance to Ukraine.