THE European Commission has proposed giving Spain nearly €1.6 billion to help reconstruction work in the wake of the October 29 Valencia flood disaster.
The EU Solidarity Fund would pay out €945 million with a further €645 million allocated from its cohesion funds.
The decision still needs to be approved by the European Parliament and the EU member states, which is regarded as a formality.
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The Spanish government had applied for €4.4 billion.
Spain received a €100 million Solidarity Fund advance in April following the country’s application for aid in January,
It’s the second-highest allocation of money from the EU Solidarity Fund, following the €1.2 billion given to Italy in the wake of the 2015 and 2016 earthquakes.
European Commission president, Ursula von der Leyn said: “The devastation we witnessed almost a year ago in the region of Valencia and in Spain deeply affected Europe.”
“We now commit nearly €1.6 billion of European funds to support the vital work of recovery, repair and reconstruction,” she added.
The Solidarity Fund will allow retroactive financing from the first damage caused on October 29 including the infrastructure repairs and providing temporary accommodation for those affected.
It also includes improvements to flood prevention infrastructure, the preservation of cultural heritage and clean-up operations.
Cohesion fund grants will also operate to pay for the reconstruction of public roads, metro lines, schools and health centres.
The cash will also be allocated to restore ecosystems affected by the floods and to finance small and medium-sized businesses.
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