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Spain allocates 10.6 billion euros in loans, grants to flood victims

Spain has allocated 10.6 billion euros ($ 11.55 billion) in loans and grants to assist the victims of the flash floods that struck the eastern coast of the country around Valencia last week, Prime Minister Pedro Sanchez said on Tuesday.

Sanchez stated the government plans to invest as much as 838 million euros in direct cash handouts to individuals impacted by the floods that left 217 dead last week in the worst such disaster in Spain's contemporary history.

The government's credit firm ICO will guarantee as much as 5 billion euros in loans to small and medium companies, self-employed people and families to fund restoration efforts.

Further funds will be dedicated to providing those impacted with tax and benefit payment holidays, in addition to payments for replacement of home and repair work to roadways and trains.

The federal government has actually deployed 14,898 policemans and soldiers in the areas hit by flash floods, he included.

(source: Reuters)