THE catastrophic floods that swept through the Costa Blanca last week are expected to cost the region €1.5 billion.

In a bid to provide financial aid to the homes, livelihoods and industries that were ruined in last week’s gota fria, the Valencian Generalitat is set to sign two decrees granting financial the those affected.

It comes after freak storms flooded the Vega Baja from Orihuela down to Los Alcazares, claiming seven lives and trashing 300,000ha of land.

FUNDING READY: Ximo Puig is to announce decrees tomorrow

President of the Generalitat, Ximo Puig, will sign the decrees releasing funds on Friday at a council meeting in Orihuela – the funding will be especially allocated to agriculturalists and the ‘agri-food’ industry.

“We have seen in all areas there has been a great damage, especially in agriculture, but also in housing, and in all infrastructure,” he said.

The first decree will be aimed ‘directly at people, especially those who have suffered losses in their home and their belongings’, said the President.

He added that a package of ‘shock aid’ will gift homeowners between ‘€3,000 and €5,000’ to meet urgent needs and replace lost items.

The means of claiming the cash are understood to be made clear on Friday.

A second decree will then help city councils.

The funds will come from Valencian coffers, but Puig expressed concern that the region needs ‘resources from the state’ and from the ‘European Union’.

It comes as the EU topped up vital funding from the Junta de Andalucia to help flood victims in that autonomous community.

READ MORE: Huge €75 million emergency fund announced for Spain’s Andalucia after EU chips in to help clean up aftermath of devastating gota fria floods

Regarding agriculture, Puig said: “Irrigation infrastructure has suffered extensive damage [and] the road infrastructure is the most damaged by the storm, as are the educational and health services.”

“We hope next week to be able to talk about a complete normalization.”

READ MORE: Roman map shows flood-hit regions of the Costa Blanca were part of the Med just 2,000 years ago

READ MORE: Death toll reaches seven as body of Dutchman found near Dolores following deadly Costa Blanca floods

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