The cost of reconstructing Gaza will run to $71bn, according to the EU's foreign policy chief Kaja Kallas.
During a series of meetings in Brussels on the Palestinian issue, Ms Kallas said the figure was arrived at following months of discussion with the World Bank and the United Nations.
The EU is hosting a group of countries pledged to supporting the two-state solution to the Middle East conflict, as well as a donor conference.
Speaking after meeting the Palestinian Authority prime minister Mohammed Mustafa, Ms Kallas said: "I often hear accusations of double standards, that we support Ukraine, but we don't support the Palestinians.
"Let me get this straight: Europe is the biggest supporter of the Palestinian people. Europe is the largest donor and the main backer of the Palestinian Authority. European missions on the ground support Palestinian police, justice and governance and border management.
"You will not find a stronger supporter of the Palestinian people anywhere in the world."
Ms Kallas said EU foreign ministers will tomorrow discuss a joint call by Ireland, Spain and Slovenia for a review of the EU-Israel Association Agreement during a meeting in Luxembourg.
Over the weekend, the Minister for Foreign Affairs Helen McEntee jointly wrote, along with her Spanish and Slovenian counterparts, to Ms Kallas calling for a review of the agreement due to an escalation in settler violence in the West Bank, Israel’s intervention in Lebanon and the Knesset law calling for the death penalty for any Palestinian convicted in a military court of a deadly attack on Israelis in the West Bank.
Yesterday, Spanish prime minister Pedro Sanchez called for a full suspension of the agreement, which covers trade and other bilateral relations.
Israel's Foreign Minister Gideon Saar responded with a social media post in Spanish saying his country would "not accept hypocritical lectures from someone who keeps ties with totalitarian regimes", citing Turkey and Venezuela under former leader Nicolas Maduro.
Speaking this afternoon, Ms Kallas confirmed that the Irish-Spanish-Slovene initiative will be on the agenda at tomorrow’s meeting of foreign ministers.
"Member states have put this on the table, the suspension of the Association Agreement, which requires a [unanimous] position," she told reporters.
"At the same time, we already have [trade] measures on the table, some of them that require a qualified majority. First, I think it should be assessed whether it's possible to move with those if the member states wish to do so, to put pressure on Israel. But this is what we are going to discuss tomorrow, so I will not run ahead of the events."
Ireland and Spain jointly sought a review of the EU-Israel Association Agreement in February 2024 on the basis that Israel was allegedly in breach of Article 2, which commits both parties to human rights and international humanitarian law.
That initiative did not secure a consensus at member state level, due to opposition from Germany, Hungary, Czechia and others.
However, a subsequent Dutch initiative prompted a review which concluded that Israel was "likely" in breach of Article 2.
Last summer, member states stopped short of recommending suspension on the basis that Israel would open up more humanitarian access into Gaza.
Ms Kallas also said the EU would not be party to US President Donald Trump’s so-called Board of Peace, which aims to govern a post-war settlement in Gaza, as it had diverged from the original aims of the UN Security Council resolution, which foresees a role for the Palestinian Authority and which was also supposed to be temporary in nature.
However, she said the Global Initiative for the Implementation of the Two-State Solution could work in parallel with the US-sponsored entity.
She said it was "very important" that the Palestinian prime minister Mohammed Mustafa had met the special envoy of the Board of Peace Nikolay Mladenov, who had attended the meeting in Brussels.
"For us, the role of Palestinians in building up Palestinian state is the most important. It has to be Palestinian-led, and Palestinian-owned," she said.
