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The European Investment Bank (EIB) has announced an initial €900m recovery and reconstruction package for Spain following floods in the provinces of Cuenca and Valencia that led to more than 200 deaths.
Funding will go to the Spanish authorities, who will assign it to regional and local governments.
The money will be spent on rebuilding homes, businesses and infrastructure, and making them more resilient to adverse weather, according to the EIB.
Carlos Cuerpo, Spain’s minister for the economy, said: “I would like to thank the EIB for the intense work we have done together over the last few days to activate all possible financing for recovery and reconstruction in the affected areas of Spain.”
Last week, the Spanish transportation ministry declared a state of emergency and funded €25m of emergency road repairs. Of that, €13m will be spent to replace the collapsed viaduct of the A7 motorway in the Quart de Poblet municipality, and to building a temporary detour around it.
The Spanish royal family and prime minister paid a visit to Valencia in the aftermath of the disaster. They were pelted with mud by locals, who blamed them for the authorities’ inadequate response.
Last week, Oscar Puente, Spain’s transport minister, said about 80km of roads in the eastern region were seriously damaged or impassable, Reuters reports. |
