Reconstruction efforts in Peru following strong flooding in recent months are expected to cost up to $3 billion in the near term, and the cost could reach up to $9 billion over a five-year period, Reuters reported, citing President Pedro Pablo Kuczynski.
Rain-related events in the country have resulted in more than 100 deaths since December 2016, while at least 6,000 miles of highway have been wrecked, according to the newswire.
In March, Kuczynski said Peru would increase its 2017 budget by 3% to finance emergency relief and reconstruction efforts. The country's finance minister recently said reconstruction efforts will start in the second half of 2017 and cost approximately $3 billion over a three-year period.
The impact of the El Niño weather phenomenon could lead to Peru's economic growth slowing to between 3% and 3.5% in 2017, Kuczynski was reported as saying earlier in April. Defense Minister Jorge Nieto Montesinos, meanwhile, has reportedly said that flood-related reconstruction works could cost the economy between $12 billion and $15 billion.