In response to the devastating floods they have. Beat ValenciaSpain approved an aid package worth approx. $11 billion for damages. During a press conference yesterday, November 5, Prime Minister Pedro Sánchez confirmed that the package includes loans and grants for disaster victims, but local authorities consider the amount insufficient.
Just the day before, the province’s president, Carlos Mazzon, had made a request. A contribution of at least 34 billion To meet reconstruction costs and economic assistance.
Consorcio de Compensación de Seguros: Electricity compensation for catastrophic losses
Eight days after the floods that devastated Valencia, Spain launched its state insurance system. From today 6 November Insurance Compensation Consortium (CCS) will start. compensation For homes, businesses and over one hundred thousand damaged cars.
And Quick refund procedureallowing the citizens of Valencia to start settling in, while applications are already made online and an assessment is guaranteed in a few days. This approach, which provides mandatory coverage against rare risks, offers solid security and processing speed that many envy.
Government and CCS: Multimillionaire funds to give business a new lease of life
The Spanish model does not stop at insurance compensation. gave The government has allocated 840 million. per Support small businesses Affected and self-employed, with Direct contributions that oscillate Between 10 and 150 thousand euros. These amounts also include compensation for damage to houses, furnishings and disabled persons.
With the availability of Five billion loans Guaranteed for. Reconstruction of houses and buildingsSpain demonstrates a practical response: helping those affected immediately without going through endless processes. Meanwhile, the state will cover 100% of emergency costs incurred by municipalities, while it will cover only half of the costs for public infrastructure repairs.
Tragic loss and economic impact of floods
The storm, described by the National Weather Service as the strongest since 1987, killed at least 211 people, according to the latest figures from local emergency services. Floods, which have affected the region in a devastating manner, have wreaked havoc. Several economic sectors were affectedfrom agriculture to industry and services.
The Valencia Chamber of Commerce figured it out Around 4500 businesses were damaged About 1,800 have been severely affected. Among the most affected sectors are LAutomobile industryIt is very important for the economy of the province. While no direct damage was reported at Ford’s main plant in Valencia, operations were halted for two days last week.
An extraordinary effort of human and technical resources
Prime Minister Pedro Sánchez declared Valencia a disaster area, a move that allowed for an additional influx of resources and funding. The deployment of forces was massive: around 15,000 soldiers and police were sent to the scene, along with 287 forestry brigades, a hundred customs officials, 44 forensic doctors and 600 special vehicles for pumping, cleaning and rescue operations.
Sánchez emphasized that restoration work is progressing rapidly, with 98% of homes being restored to power and more than 40 miles of roads and railways restored.
The cost of natural disasters and the urgent need for an organized response
In recent years, extreme weather events have been costing Spain more and more. Events like the flooding in Valencia are not isolated but part of a climate change trend that makes natural disasters more frequent and devastating. According to a report by the Evenspan Foundation, Between 2016 and 2021 i Losses due to natural calamities, including floods, resulting in annual costs Between $940 million and $2.5 billion. This is a huge cost, one that no economy can underestimate, as it affects not only infrastructure but also the economy, people’s daily lives and the resilience of the most vulnerable productive sectors.
In response to crises like Valencia, the state has launched an emergency intervention, but it is increasingly clear that this is not just a matter of plugging holes after a disaster. We need a broader vision and, perhaps, a paradigm shift: structural measures to protect the region and its resources that are long-term and include strategic investments to make cities and productive sectors more resilient to extreme events. I am
