The Cabinet of Ministers of Ukraine has announced the launch of the second phase of the eRestoration program to compensate for destroyed housing, Prime Minister of Ukraine Denys Shmyhal said.

"We promised that assistance of up to UAH 200,000 to repair damaged property will be only the first step in an extensive housing restoration program. After all, thousands of Ukrainian families have completely lost their homes. There are many cases when there is simply nothing to repair. Therefore, we are launching the second stage of the eRestoration program. This is compensation for destroyed housing," he said at a government meeting on Tuesday.

In particular, the Cabinet of Ministers approved a resolution and a formula according to which the appropriate compensation will be paid.

"What can the money be spent on? Firstly, on the construction of a house. In this case, the payment of funds will be made directly to the account. Secondly, on the purchase of an apartment, other residential premises using a housing certificate," the prime minister said.

According to him, the amount of compensation will be calculated by the commission according to a special formula that takes into account the location of the destroyed object, the year of construction, the area of the object and other parameters.

"We also envisage the principle that the amount of compensation is set at a level not lower than the cost of building housing of the corresponding area according to its location," he said.

The government has already raised around UAH 62 billion in the Fund for the Liquidation of the Consequences of Armed Aggression, Shmyhal said.

"These assets will be enough for the first stage of payments: both allowances for repairs and the issuance of housing certificates. According to the World Bank, Ukraine needs $1.9 billion for the priority restoration of property. Further, we are working with our international partners to mobilize all the necessary amount," the prime minister said.