EIB stands close to victims of heavy rains and flooding in the heart of Europe
16 July 2021
The heaviest rainfall in a hundred years has caused devastating floods in Luxembourg, our host country, Germany, Belgium and the Netherlands. The number of casualties is still uncertain but it is clear that many dozens of people have died, many more are missing, and that tens of thousands of people have had their homes and businesses destroyed. At the EIB, our thoughts go to the victims of this catastrophe.
We must now swiftly rebuild basic infrastructure. Some losses can never be replaced but the European Investment Bank stands ready with its funding and expertise to help the affected communities rebuild what they can in the coming months and years.
Sadly, this devastation right in the heart of Europe is just one example of extreme weather phenomena which multiply around the world year on year. As such events become more frequent as a result of climate change, it is vital that we act now with measures to mitigate their impact and prepare our communities. As Europe’s Climate Bank, the EIB is committed to this mission.
The EIB will provide €100 million to the Valencia Region for the reconstruction of infrastructure damaged in late 2019 by extreme weather caused by a phenomenon described as “isolated high altitude depression” – or a “DANA” as it is known in Spain – and by Storm Gloria in early 2020. The objective is to get industry and tourism in the affected areas up and running again and to restore basic services infrastructure. The financing will also be used to mitigate the effects of any similar weather events that may occur before the end of 2021. Divided into two tranches of €50 million each, the loan will also help improve the region’s climate resilience, promoting investments in flood prevention and a better response to future adverse weather events.