More than $50 billion will be required to rebuild Gaza after the 15-month Israel-Hamas conflict in the Palestinian enclave, according to an assessment released by the United Nations, the European Union and the World Bank on Tuesday.

The Interim Rapid Damage and Needs Assessment (IRDNA) said that $53.2 billion is needed for recovery and reconstruction over the next 10 years, with $20 billion needed in the first three.

Israel’s campaign in Gaza was launched in response to the Hamas-led attack on Oct 7, 2023 in which 1,200 people were killed and more than 250 were taken hostage, according to Israeli tallies. Israel's operation has killed more than 48,000 people, according to Gaza health officials, and left the enclave in ruins.

Years of rebuilding work, including clearing unexploded ordinance and millions of tonnes of rubble lie ahead.

The report, issued amid a fragile ceasefire that began last month, warned that conditions were not yet in place for large-scale recovery and reconstruction work to begin given a lack of clarity about how the enclave would be run after the war and what security arrangements would be in place.

“The speed, scale, and scope of recovery will be shaped by these conditions,” it said.

The IRDNA said that more than 292,000 homes had been destroyed or damaged and 95% of hospitals were non-functional, while the local economy had contracted by 83%.

More than half the total estimated cost of rebuilding, or $29.9 billion, would be required to repair damage to buildings and other infrastructure, including housing, which would require around $15.2 billion to rebuild, it said.

Another $19.1 billion would be needed to make up for social and economic losses, including health, education, commerce and industry sectors devastated in the conflict, it said.