@DavidB @BowsacNoodle @cjd why wouldn't you be able to borrow all of it?

It absolutely would be inflationary, no matter what games you play with the money, the supplies for rebuilding aren't printed out of thin air, prices of those go up. You have to find workers that aren't busy, so if there's not unemployment, labor prices go up. If there is enough unemployment to pick up the slack, those new workers go spend their new money and that increases money velocity, prices go up.

The key to understanding this is to understand that wealth isn't money, money is an abstraction for denominating and exchanging wealth in a uniform fashion across an economy.