Spain asks for €4.4 billion of EU cash to pay for emergency flood reduction work in Valencia – CSN Information

SPAIN’S authorities has requested for €4.4 billion from the European Union Solidarity Fund to assist pay for reduction work following the October 29 floods in Valencia.

The Ministry of Finance has filed an software with the European Fee which can determine on what sum to award.

The ultimate quantity could possibly be decrease than requested because the EU has already offered cash to assist in the catastrophe aftermath and ‘double financing’ is just not permitted.

READ MORE:

On November 4, Spain’s Finance Minister, Maria Jesus Montero, informed the European Fee that the nation deliberate to use to the Solidarity fund, however has gone ‘to the wire’ because the 12-week deadline for help ends on Tuesday.

In a letter to the Fee, Montero states that ‘the Spanish authorities, along with regional and native authorities, has mobilised all attainable assets to alleviate the harm and instantly assist the residents affected by the disaster, finishing up the most important deployment of troops seen in Spain throughout peacetime’.

The Fee will now perform an analysis, and the subsidy then needs to be accredited by the Council of Ministers and the European Parliament.

“This entire course of is comparatively lengthy and may final a number of months,” the Finance Ministry warned.

The federal government has been criticised by opposition events just like the Partido Common for taking so lengthy to use for the cash.

As soon as the help has been paid, the federal government can be chargeable for allocating it, however emergency measures could be financed retroactively from the primary day of the catastrophe.