Damage from the German floods that killed 171 people is expected to exceed $4 billion.
According to the Associated Press, the damage caused by the flood that killed 171 people in Germany could cost $4.7 to 5.9 billion in the two German areas that were hardest hit.
It will almost certainly exceed the 4.56 billion euros in damages caused by flooding in 2002. According to Joerg Asmussen, chief executive of the German Insurance Association, sections of Dresden and other eastern German areas were flooded. He described last week’s hurricane as “one of the most catastrophic storms in recent memory.”
People can expect reconstruction aid regardless of whether they are insured for “elementary damage” from events such as floods, which many in Germany are not, according to Interior Minister Horst Seehofer and Finance Minister Olaf Scholz, though insurance will likely be taken into account in determining details.
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On Wednesday, Germany’s Cabinet approved a 400 million euro ($472 million) package of urgent relief for flood victims and pledged to begin reconstructing destroyed districts as soon as possible, a process that is estimated to cost billions.
Finance Minister Olaf Scholz said that if extra money is needed, the package to help people deal with the immediate aftermath of last week’s flooding, which is funded half by the federal government and half by Germany’s state governments, will be increased.
“We will do everything possible to assist everyone as soon as possible,” Scholz stated.
At least 171 people were murdered in Germany on Wednesday and Thursday, with well over half of them in Ahrweiler county, near Bonn, when tiny rivers swelled fast into raging floods following persistent rain. Another 31 people perished in Belgium, bringing the total number of people killed in floods in both nations to 202.
Homes were either destroyed or seriously damaged by the floods. Authorities in Germany’s two impacted states are in charge of determining who receives how much aid and in what form, but Scholz said they have stated that there will be a “very unbureaucratic process” with no means-testing.
“It’s critical to send a message fast that there is a future, that we are taking care of it jointly, and that this is a problem that we as a country must address,” he continued.
Germany has recently had massive floods, which affected large parts of the country, especially in the east, in 2002 and 2003. This is a condensed version of the information.