The aid model follows the rapid response approach used by the EIB after the floods in Central Europe last September.
The European Investment Bank (EIB) has announced a €900 million aid package to help reconstruction efforts in parts of Spain recently hit by devastating floods.
The initiative aims to speed up the rebuilding of critical infrastructure and support affected homes, businesses, and public organisations, using a rapid response model similar to the one the EIB applied after floods in Central Europe in September.
EIB President Nadia Calviño stressed the need for urgent reconstruction that addresses the challenges posed by changing climate conditions. “We must rebuild in a way that is better prepared for the future, using methods that can endure and protect against the more frequent and severe climate events we are facing,” Calviño said on Tuesday.
Spanish Minister of Economy, Trade and Business Carlos Cuerpo thanked the EIB for activating funds swiftly to support the hardest-hit regions, including the Valencian Community, Castilla-La Mancha, and Andalusia.
“It is reassuring that European institutions are fully committed to supporting member states in their most difficult times, a fundamental value of what Europe represents,” Cuerpo said during a press meeting on Tuesday.
The EIB also stated that it is prepared to collaborate with Spanish authorities at all levels— national, regional, and local — to implement additional measures if necessary.
Spain was hit by severe floods on 29-30 October, when entire communities in the eastern Valencia region were overwhelmed by tsunami-like waters. As of Tuesday, authorities confirmed that 89 people are still missing, with the death toll standing at 217, including at least 211 bodies recovered in the province of Valencia.
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