EIB Launches €900 Million Aid Package for Flood Reconstruction in Spain
The European Investment Bank (EIB) has unveiled a substantial aid package amounting to €900 million aimed at aiding reconstruction efforts in regions of Spain that have recently suffered from catastrophic flooding. This initiative is designed to expedite the rebuilding of essential infrastructure and offer support to homes, businesses, and public organizations that were adversely affected by the disaster. The EIB plans to implement a rapid response model similar to what was successfully utilized after the floods in Central Europe last September.
EIB President Nadia Calviño emphasized the critical need for immediate reconstruction efforts that not only address the current damage but also prepare for the future challenges posed by changing climate conditions. “It is imperative that we rebuild in a manner that is resilient and equipped to withstand the increasingly frequent and severe climate events we are now encountering,” Calviño stated during a press conference on Tuesday.
In response, Spanish Minister of Economy, Trade and Business Carlos Cuerpo expressed gratitude towards the EIB for promptly activating funds to support the regions most heavily impacted, including the Valencian Community, Castilla-La Mancha, and Andalusia.
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“It is reassuring to witness European institutions demonstrating their unwavering commitment to assisting member states during their most challenging times, which is a fundamental principle of what Europe stands for,” Cuerpo remarked during a press briefing on Tuesday.
The EIB further indicated its readiness to collaborate closely with Spanish authorities across all levels—national, regional, and local—to implement additional measures as deemed necessary. The severe flooding that struck Spain occurred on the 29th and 30th of October, inundating entire communities in the eastern Valencia region with torrents of water resembling a tsunami. As of Tuesday, officials confirmed that 89 people are still missing, while the death toll tragically stands at 217, including at least 211 bodies recovered in the province of Valencia.
