European Investment Bank to give 900 million euros to flood-hit Spain

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MADRID (Reuters) – The European Investment Bank on Wednesday announced a 900-million-euro financial aid package to help Spain’s recovery and reconstruction efforts after last week’s deadly flash floods that hit the eastern region of Valencia particularly hard.

The bank said in a statement it also stood ready to come up with additional measures if required by Spain’s national or regional authorities after the worst flood-related disaster in the country’s modern history.

On Tuesday, Prime Minister Pedro Sanchez announced 10.6 billion euros ($11.6 billion) to help victims of the floods that killed at least 217 people in Valencia, Castile La Mancha and Andalusia, with dozens still missing.

Heavy rains last week caused waterways to overflow, creating flash floods that surged through suburbs south of the city of Valencia, sweeping away cars and bridges and inundating properties and underground car parks.

“We have to make sure we rebuild better, with methods adapted to the new reality that would resist and protect from the ever more frequent and intense climate shocks,” EIB head and former Spanish economy minister Nadia Calvino said.

Scientists say extreme weather events are becoming more frequent in Europe and elsewhere due to climate change. Meteorologists believe the warming of the Mediterranean, which increases water evaporation, plays a significant role in making torrential rains more severe.