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