Germany: New draft law foresees €30 bln fund to rebuild western German flood zones

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The federal cabinet has decided on a draft law to help the coalition factions set up a reconstruction fund to help rebuild what was destroyed in the devastating flood disaster that hit western Germany this summer, it was announced at a press briefing in Berlin on Wednesday.

“This should create the necessary legal basis for a national fund for reconstruction aid in 2021, which will secure the financing for the restoration of the infrastructure and the reconstruction aid,” said German government spokesperson Steffen Seibert.

“The special asset for the federal government is endowed with up to 30 billion euro in federal funds,” he added.

Western parts of the country were heavily flooded in July this year causing severe damage on the infrastructure of the area and leaving more than 150 people dead.

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SOT, Steffen Seibert, German government spokesperson (Germany): “This is very important news for those affected in Rhineland-Palatinate and North Rhine-Westphalia. Mainly because it is a package of measures that clearly shows that the federal government is actually implementing its aid pledge. It is a draft law to establish a special asset, title reconstruction aid 2021, and to amend a whole series of other laws. This should create the necessary legal basis for a national fund for reconstruction aid in 2021, which will secure the financing for the restoration of the infrastructure and the reconstruction aid.”

SOT, Steffen Seibert, German government spokesperson (Germany): “The special asset for the federal government is endowed with up to 30 billion euro in federal funds. The first injection of federal funds of 16 billion is divided as follows: 2 billion, which are allotted to the federal government alone, for the restoration of the federal infrastructure. That is borne by the federal government alone. And 14 billion euros in reconstruction measures in the federal states, half of which are financed by the federal government and the federal states. All states will contribute to the reconstruction costs over a period of 30 years.”

#Germany #Berlin #floods

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