The head of the Palestine Investment Fund has said at least $15 billion will be needed to rebuild houses in Gaza, underlining the scale of devastation caused by Israel’s offensive, Reuters reports.

Chairman Mohammed Mustafa said international reports indicated 350,000 housing units were completely or partially damaged in Gaza. Assuming 150,000 of these would need to be rebuilt at an average cost of $100,000 per unit, “that’s $15bn for housing units”, he said.

“We still didn’t talk about infrastructure, we didn’t talk about the hospitals that were damaged, the grids,” he said at the World Economic Forum in Davos.

The figure points to reconstruction costs that will dwarf previous bills for rebuilding Gaza after earlier conflicts, with the fighting not yet over more than three months since it began.