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Business discussed the situation with calculating and recording the losses caused by the war

28/ 09/ 2023
  Today, the European Business Association hosted a meeting with Tymofiy Mylovanov, President of the Kyiv School of Economics, and Maksym Nefyodov, Co-CEO of damaged.in.ua, within the framework of the Recovery Committee, to discuss the current situation with the calculation and recording of war damage, prospects for compensation, etc. Thus, business attention was focused on several things. In particular, analytics. It is important to calculate losses, because without a request from the business for compensation and assistance, it can be minimized. It is not only about compensation for directly destroyed equipment, premises, etc., but also about assessing the economic impact, the impact on employment, etc. The mechanics of funding distribution depend on the program and the donor. The source will obviously be the US and EU budgets (through banks, subsidized financing, portfolio guarantees for loans, etc.) After all, money is allocated, but the question is that it really reaches the request, in particular, of business, for reconstruction. The legal part is an important aspect. Yes, it is important to collect as much supporting information as possible - to record everything, file police reports, obtain supporting documents and certificates, etc. But, according to the speakers, alternative independent methods of confirmation will also be needed (in addition to decisions in Ukrainian courts). In particular, you can use the damage ua platform, which can help you record losses in an alternative way, for example, with drone footage. Therefore, member companies can, if necessary, contact representatives of the EBA Recovery Committee, who will be able to advise on further steps in this regard. There is a separate issue of advocating Ukraines interests abroad. At the moment, the issue of financing compensation for damages is certainly important, but it is still not hot on the global agenda. At the same time, businesses should also talk about losses, damages, and the amounts needed to compensate and restore operations, so that stakeholders understand what amounts are involved. We thank Maxim Nefyodov and Tymofiy Mylovanov for the meeting and sincerely hope that together we will be able to launch an effective mechanism of compensation for business.

Today, the European Business Association hosted a meeting with Tymofiy Mylovanov, President of the Kyiv School of Economics, and Maksym Nefyodov, Co-CEO of damaged.in.ua, within the framework of the Recovery Committee, to discuss the current situation with the calculation and recording of war damage, prospects for compensation, etc.

Thus, business attention was focused on several things.

In particular, analytics. It is important to calculate losses, because without a request from the business for compensation and assistance, it can be minimized. It is not only about compensation for directly destroyed equipment, premises, etc., but also about assessing the economic impact, the impact on employment, etc. The mechanics of funding distribution depend on the program and the donor. The source will obviously be the US and EU budgets (through banks, subsidized financing, portfolio guarantees for loans, etc.) After all, money is allocated, but the question is that it really reaches the request, in particular, of business, for reconstruction.

The legal part is an important aspect. Yes, it is important to collect as much supporting information as possible – to record everything, file police reports, obtain supporting documents and certificates, etc. But, according to the speakers, alternative independent methods of confirmation will also be needed (in addition to decisions in Ukrainian courts). In particular, you can use the damage ua platform, which can help you record losses in an alternative way, for example, with drone footage. Therefore, member companies can, if necessary, contact representatives of the EBA Recovery Committee, who will be able to advise on further steps in this regard.

There is a separate issue of advocating Ukraine’s interests abroad. At the moment, the issue of financing compensation for damages is certainly important, but it is still not “hot” on the global agenda. At the same time, businesses should also talk about losses, damages, and the amounts needed to compensate and restore operations, so that stakeholders understand what amounts are involved.

We thank Maxim Nefyodov and Tymofiy Mylovanov for the meeting and sincerely hope that together we will be able to launch an effective mechanism of compensation for business.

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