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Germany pledges $10bn for reconstruction after floods

26 June 2013

The German government has pledged over $10bn for a flood repair package after the worst floods in over a decade hit central Europe.

After a meeting with ministers from Germany’s 16 states, chancellor Angela Merkel told reporters last week: “The federal government and the states will each provide half of the national fund amounting to up to8bn.”

The cost of damage from the floods is not yet known (Credit: Dr. Bernd Gross/Wikimedia)

The federal government will finance nearly $2bn to repair federal infrastructure such as motorways, leaving around $8bn to be split equally between the federal government and the states, reports Reuters.

No official figure has yet been given for the cost of the damage in Germany from the floods but Merkel has already pledged immediate aid of $130m.

The European Investment Bank (EIB) has said it “stands ready” to provide over $130bn to help rebuild Germany.

Source: EUbusiness.com