$1.2 bn needed for tsunami aid

India will require $1.2 billion for reconstruction work in tsunami-hit areas, a joint study by Worldbank, Asian Development Bank (ADB) and the United Nations said today.

The draft 'Damage and Needs Assessment Report' prepared jointly by the three multilateral agencies was submitted to the Centre on February 18 and the final report was released today.

"The government has agreed with the findings of the report," a World Bank release said, adding the total assistance required for reconstruction work in Tamil Nadu, Kerala, Andhra Pradesh and Pondicherry was estimated at $1.2 billion.

"Tamil nadu is the worst-affected with reconstruction needs estimated at $868 million followed by Kerala ($158 million), Pondicherry ($114 million) and Andhra Pradesh ($73 million)," it said.

The overall damage to assets is estimated at about $575 million and productivity losses are to the tune of $450 million. Reconstruction needs for housing are estimated at $490 million and fisheries at $285 million.

The reconstruction estimate is higher than the damage as it will take into account replacement of the damaged assets with new ones not only of equal value, but with upgrades to services and infrastructure in order to reduce the previous inherent vulnerability.

World Bank, ADB and the UN are now in discussion with the Centre to determine the nature of support from each agency and implement the reconstruction programme.