AP reported that as the 25th anniversary of the Chernobyl nuclear reactor accident quickly approaches, European agencies are warning there is a multi million dollar funding shortfall to build a steel shelter over the stricken reactor.

The European Bank for Reconstruction & Development and the European Union in partnership with Ukraine are funding the Chernobyl Shelter Fund, which includes the development and construction of a shelter to completely encase the old reactor.

European backers said that there is a shortfall of EUR 740 million to build the shelter. The entire project costs an estimated EUR 1.15 billion. The shelter is expected to be completed by 2015.

Described as the largest movable structure ever built, the shelter will be approximately 108 meters high, 164 meters wide and over 250 meters long. Once built, cranes and other machinery will work inside to dismantle the old reactor.

Work on the site began in the mid 1990s, with the Ukrainian government closing down the three remaining reactors in 2000, according to government reports. The partnership responsible for coming up with the funds says it wants others non EU member countries including Russia to come up with the remaining cash.

Chernobyl's number four reactor, in what was then the Soviet Union, exploded April 26th 1986, sending a radioactive cloud over Europe.

Known as the world's worst civilian nuclear disaster in history, approximately 30 to 50 people were killed as a result of the explosion yet the radioactive fallout of the accident claimed thousands more: a combined death toll is estimated at anywhere between 4,000 and 200,000. People died from thyroid cancer and related illnesses contracted from the spewed radiation, reports around the time indicate.

Following the accident, a concrete sarcophagus was built over the reactor. However, officials say the structure has become unstable and could collapse.

Mr Laurin Dodd head of the Shelter Implementation Plan at Chernobyl said that even after the stabilization activity, there's still potential for the partial or complete collapse of the object shelter. It's only once we get the new structure in place that we can say it's safe.

Mr Dodd said that the new shelter would completely encase the old reactor, with cranes and other machinery working inside to dismantle the old reactor, the Independent reports. Human interaction will be limited.

(Sourced from Associated Press)