The European Investment Bank allocates 900 million euros for the regions affected by the floods in Spain!
The European Investment Bank (EIB) has announced an aid package of 900 million euros to aid reconstruction efforts in parts of Spain recently hit by devastating floods.
The initiative aims to speed up the rebuilding of critical infrastructure and support affected homes, businesses and public organisations, using a rapid response model similar to the one the EIB applied after the floods in Central Europe in September.
EIB President Nadia Calviño stressed the need for urgent reconstruction that addresses the challenges posed by changing climate conditions. "We need to rebuild in a way that is better prepared for the future, using methods that can withstand and protect against the more frequent and severe climate events we are facing," Calviño said Tuesday.
Spanish Minister of Economy, Trade and Business Carlos Cuerpo thanked the EIB for the quick activation of funds to support the most affected regions, including the Community of Valencia, Castilla-La Mancha and Andalusia.
"It is reassuring that European institutions are fully committed to supporting member states in their most difficult times, a fundamental value of what Europe stands for," Cuerpo said during a press conference on Tuesday.
The EIB also stated that it is ready to cooperate with the Spanish authorities at all national, regional and local levels to implement additional measures if necessary.
Spain was hit by severe flooding on October 29-30, when entire communities in the eastern region of Valencia were swept away by tsunami-like waters. As of Tuesday, authorities confirmed that 89 people were still missing, bringing the death toll to 217, including at least 211 bodies found in Valencia province.
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