Rebuilding Ukraine will cost an estimated $524 billion after Russia's invasion, a 7% increase from a year ago, according to a new study published by the World Bank, United Nations, European Commission and the Ukrainian government.

The estimate increase is partly attributed to a 70% rise in damage to Ukraine's energy infrastructure resulting from Russian attacks.

The study quantifies the direct physical damage to buildings and other infrastructure, the impact on people's lives and livelihoods, and the cost to "build back better," the institutions said in a joint news release.

"In the past year, Ukraine's recovery needs have continued to grow due to Russia's ongoing attacks," Ukraine's Prime Minister Denys Shmyhal said in a statement.

Ukraine's government has allocated $7.37 billion to address priority needs for 2025, with support from donors, but still has a financing gap of nearly $10 billion, the joint statement said.

The latest assessment, using a universal methodology to assess damages and needs, found that direct damage in Ukraine from Russian attacks has risen to $176 billion from $152 billion reported in February 2024.

About 13% of Ukraine's total housing stock has been damaged or destroyed, affecting more than 2.5 million households.

President Donald Trump on Monday said he remains in "serious" discussions with Russian President Vladimir Putin about ending the war with Ukraine.

Information from Reuters was used in this report.