The European Investment Bank (EIB) has announced a financial aid package of €900 million to support Spain's recovery and reconstruction efforts following last week's catastrophic floods, which heavily impacted the Valencia region.
In a statement, the EIB expressed its readiness to provide additional assistance should Spanish national or regional authorities request further support in the wake of what has been described as the worst flooding disaster in modern Spanish history.
Spanish Prime Minister Pedro Sánchez announced on Tuesday that €10.6 billion (about $11.6 billion) would be allocated to assist the victims of the floods, which have resulted in at least 220 confirmed deaths across Valencia, La Mancha, and Andalusia, with dozens more still missing.
Heavy rainfall last week caused rivers to overflow, leading to flash floods that spread across the southern suburbs of Valencia, located in eastern Spain.
The floods swept away cars, damaged bridges, and submerged properties, including underground parking garages.
Nadia Calviño, the President of the European Investment Bank and former Spanish Minister of Economy, stated: " We must rebuild in a way that is better prepared for the future, using methods that can endure and protect against the more frequent and severe climate events we are facing."
Scientists agree that extreme weather events are becoming more frequent in Europe and around the world due to climate change.
Meteorologists suggest that the rising temperature of the Mediterranean Sea, which increases evaporation rates, plays a significant role in the intensification of heavy rainfall.
Follow the latest news on Google News
