The country is facing the worst disaster of its type in its recent history.
Spain has released 10.6 billion euros in the form of loans and grants intended to help victims of the floods which devastated the Valencia region last week, the President of the Government, Pedro Sanchez, announced on Tuesday.
Pedro Sanchez said the government planned to pay up to 838 million euros in direct financial aid to people affected by the flash floods which left at least 217 dead, the worst disaster of this type in recent history. 'Spain.
The government credit agency ICO will guarantee up to 5 billion euros in loans to small and medium-sized businesses, self-employed workers and families to finance reconstruction efforts, he added.
Other government funds will be devoted to providing tax exemptions, as well as replacing destroyed property and repairing roads and railways.
Under fire for the slowness of relief efforts, Pedro Sanchez indicated that Madrid had deployed 14,898 police officers and soldiers to date in the areas affected by the flash floods.
