As the fourth anniversary of the Russian war in Ukraine approaches, the economic repercussions extend far beyond the battlefield, weighing heavily on European budgets, disrupting energy markets, and pushing the continent towards unprecedented structural changes. An international report from the Ukrainian government, World Bank, European Union, and United Nations estimates the cost of rebuilding Ukraine at around 500 billion euros over ten years, a figure that is three times the country’s GDP from the previous year. The report highlights that the damage and needs are concentrated in areas close to the front lines and major cities, with the humanitarian, social, economic, and environmental consequences expected to linger for generations.