The Ukraine war has major economic consequences for energy, food, inflation and poverty, according to the European Bank for Reconstruction and Development (EBRD).

The EBRD's Chief Economist, Beata Javorcik, spoke to Agence France-Presse (AFP) about the fallout from Russia's invasion of Ukraine, from where more than 3 million refugees have fled so far.

Global lenders are giving billions for Ukraine, including a 2 billion-euro ($2.2 billion) "resilience package" from the London-based EBRD, but there is currently no end in sight to the conflict.

The crisis has sent commodity prices rocketing on supply fears, fueling inflation that is already at multidecade highs.

About the costs to rebuild Ukraine, Javorcik said the costs of this war will depend on how long fighting will last.

"Big parts of the country are functioning – infrastructure is there, the banking system is functioning, businesses are still open. But it's very hard to quantify," she said.

"The (rebuild) figure of $100 billion comes from the Ukrainian government ... and is the cost of infrastructure and buildings that have been destroyed. It's equivalent to about two-thirds of GDP."

According to the Ukrainian government, Javorcik said, half of the firms have closed down and other firms are working at reduced capacity.

"That shows that the economic cost is going to be significant."

Also commenting on the refugee crisis, and the general outlook revolving around this crisis, Javorcik said it is a tragic situation that so many people had to have their lives and livelihoods uprooted and had to move somewhere else to avoid the conflict.

"But what historical experience tells us is that some of the refugees stay in the host countries and they serve as a bridge, as people who set up business links with their home country and in this way facilitate flows of investment and trade," she said.

Javorcik added that if the conflict continues, the number of refugees may reach six million.

"The scale of it is huge and it is unprecedented."

On a question about spiking commodity markets, the EBRD economist said, even "if the war stopped today, the consequences of this conflict would be felt for months to come, and that would work through commodity prices."

She said that the poor are going to be hit much harder by higher energy prices and by higher food prices.

"Russia and Ukraine are responsible for 30% of wheat exports globally. Ukrainian farmers have not sold last year's crop yet. Shipping in the Black Sea is hindered – and Ukrainian farmers are not sowing new crops," Javorcik emphasized, noting that Russia and Belarus are very important exporters of ammonia and potash (group of minerals and chemicals that contain potassium) – inputs into fertilizers.

There is also an impact on renewable energy, she said, "because nickel, copper, platinum, and palladium are inputs into the industry."

"If you think about gas being at record levels in Europe and oil being high globally ... All of these things lead to inflation."

Commenting on the impact of sanctions on Russia, Javorcik said there is a short-term economic cost that will result from foregone international trade and lower confidence.

"We could talk about the consumer loss of confidence, the ruble losing value, and so on, but perhaps what is more interesting is the long-term cost," she said, noting "If even after the conflict ends, Russia is perceived as a risky destination for investment, or if some nationalizations happen – as we have heard in statements from (President) Vladimir Putin – this is going to damage the reputation of Russia."

"If sanctions on exports of high technology products persist, then you lose access to knowledge embodied in capital goods. And then there may also be loss of flow of scientists, students in both directions."

Javorcik went on to say that the conflict happened at a time when there was already a slowdown in the global economy, so higher energy prices are going to put more brakes on growth.

"And higher inflation will force central banks to react with increased interest rates, which is also going to be bad for growth," she said, adding that this conflict will have an adverse effect on the global economy – "no question about that."