CONSTRUCTION DEFECT JOURNAL

"News and Information for Construction Defect and Claims Professionals"

CONSTRUCTION DEFECT JOURNAL - ISSUE 242749 - THURSDAY, JANUARY 16, 2025

Spain Risks €10.6 Billion Flood Damage Bill, Sanchez Says

Houses under water from flood

State pledged €838 million in direct aid to flood-hit areas.

November 25, 2024
Rodrigo Orihuela, Macarena Munoz Montijano & Jorge Zuloaga - Bloomberg

Spanish Prime Minister Pedro Sanchez announced the first financial package for victims of the storms that killed more than 200 people in the country’s eastern region of Valencia.

Spain will earmark as much as €10.6 billion ($11.5 billion) for its first relief package and more will be announced in the future, Sanchez said in a press conference Tuesday in Madrid. The package includes direct aid for households, self-employed workers and firms; state-backed credit guarantees for companies and residents; and funds for city governments to pay for repairs and reconstruction.

Reprinted courtesy of Rodrigo Orihuela, Bloomberg, Macarena Munoz Montijano, Bloomberg and Jorge Zuloaga, Bloomberg


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