Spain has allocated 10.6 billion euros ($11.55 billion) in loans and grants to assist victims of the flash floods that devastated the eastern coast, particularly around Valencia, Prime Minister Pedro Sánchez announced on Tuesday.
PM Sánchez said that the government plans to provide up to 838 million euros in direct cash handouts to those affected by the floods, which claimed the lives of 217 people, making it the worst disaster in Spain’s modern history.
The government’s ICO credit agency will guarantee up to 5 billion euros in loans to small and medium-sized businesses, self-employed individuals, and families to help finance reconstruction efforts.
Additional funds will be allocated for tax and benefit payment deferrals, as well as to support the replacement of property and the repair of roads and railways.
To assist with emergency efforts, the government has deployed 14,898 police officers and soldiers to the flood-affected areas.
