From the air, Gaza appears like a city erased — a landscape of grey rubble where homes, hospitals, and schools once stood. Two years after Israel’s devastating war began, the United Nations estimates it will take more than $70 billion to rebuild the territory. The question now confronting the international community is: who will pay for Gaza’s reconstruction?

Entire neighborhoods have been flattened, with infrastructure reduced to dust. The economic impact is catastrophic — Gaza’s already fragile economy has collapsed under the weight of destruction, displacement, and blockade. Factories and power plants lie in ruins, and basic utilities like water and electricity remain scarce.

According to UN reports, more than 1.7 million people — nearly 80% of Gaza’s population — have been displaced. Most are living in temporary shelters or among the remnants of their homes, awaiting aid that remains slow to arrive.

Economists say Gaza’s reconstruction cost far exceeds its own financial capacity. “This is not just about rebuilding structures — it’s about rebuilding a society,” said Khaled Mansour, a regional economic analyst. “Without a coordinated global effort, Gaza risks becoming a permanent ruin.”

So far, Qatar, Egypt, and the European Union have pledged limited funds to support early-stage humanitarian relief and partial infrastructure repair. But those efforts are a fraction of what is required. The World Bank estimates that only 10% of the needed funding has been secured, leaving an enormous gap.

The United States and European countries face political dilemmas over reconstruction aid — concerned that funds could be diverted by Hamas, which remains in control of parts of Gaza. Meanwhile, Arab states, while pledging moral support, have been hesitant to commit large sums amid regional instability and donor fatigue.

UN officials have called for a multilateral reconstruction fund modeled after post-war recovery efforts in Iraq and Lebanon. Such a mechanism would ensure transparency, accountability, and international oversight. “The cost of rebuilding Gaza is not just financial; it’s a moral obligation of the world,” said UN humanitarian chief Martin Griffiths.

Beyond Gaza, global financial priorities are stretched thin. Argentina recently received a $20 billion IMF lifeline to stabilize its economy, while the European Union has invested $13 billion in South Africa to strengthen trade and energy cooperation.

These contrasting commitments highlight the global competition for aid and investment — and raise doubts about whether Gaza’s crisis can draw sustained international attention.

For now, Gaza’s future hangs in the balance. Its skyline remains a ghostly reminder of a city once vibrant and alive. The question of who will fund its rebirth — and when — remains unanswered, even as millions wait amid the rubble for a glimpse of hope.