Cost-effective planning and dimensioning of backhaul microwave networks under unreliable channel conditions remains a relatively under explored area in the literature. In particular, bandwidth assignment requires special attention as the transport capacity of microwave links is prone to variations due to, e.g., weather conditions. In this paper, we formulate an optimization model that determines the minimum cost bandwidth assignment of the links in the network for which traffic requirements can be fulfilled with high probability. This model also aims to increase network reliability by adjusting dynamically traffic routes in response to variations of link capacities induced by channel conditions. Experimental results show that 45% of the bandwidth cost can be saved compared to the case where a bandwidth over-provisioning policy is uniformly applied to all links in the network planning. Comparisons with previous work also show that our solution approach, based on column generation technique, is able to solve much larger instances in significantly shorter computing times (i.e., few minutes for medium-size networks, and up to 2 hours for very large networks, unsolved so far by previous models/algorithms), with a comparable level of reliability.