Proposal Approved by the Commission for a Council Regulation on a Matter
In a significant move to aid the economic recovery of areas severely impacted by the October 2024 storm, the Spanish Government has announced a financing programme worth over €1.240 million. This programme is aimed at revitalising the affected regions, including the Valencia Community, Castilla-La Mancha, and Andalusia.
The Government has declared the affected territory as catastrophic, and has allocated €10.600 million in immediate aid. This is part of a wider review that is now oriented towards the resilience and economic modernization of these regions.
The review includes a new chapter aimed at strengthening the economic resilience of the affected areas. The European Commission has approved this review, and the minister, M. Carmen Cruz Martín, stated that they will be able to channel over €1.200 million for the affected area.
The funds will be distributed across various sectors. €81 million is earmarked for employment and socio-economic dynamization in the affected areas, while €160 million will be allocated to sustainable transport infrastructures. Another €61 million will be destined to support the internationalization of companies-ICEX.
A significant portion of the funds, €433 million, will be used for the restoration of hydraulic, environmental, and agricultural infrastructures. The Government is also investing €325 million in the prevention of natural catastrophes through the Atlantic constellation of satellites-ESCA+.
Moreover, another €181 million will be allocated to the special ICO line with a non-reimbursable component to reinforce productive resilience in difficult circumstances. The review seeks to provide financial coverage for the expenses incurred after the activation of urgent aid for the reconstruction of the municipalities affected by the storm in October.
The analysis of the Valencian Community's economic situation is almost 11 months after the tragedy of the storm. The Government is conducting a detailed analysis of the economic situation of the Valencian Community to evaluate the current situation and assess possible future needs.
This comprehensive recovery plan is a testament to the Government's commitment to supporting the affected regions and helping them rebuild and modernize in the aftermath of the October 2024 storm.
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