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    German govt. approves multibillion-euro relief fund for flood victims

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Berlin, Aug. 18, 2021 The German government has approved a multibillion-euro state fund for the victims of the devastating flood disaster that hit the country in July.
    A total of about 30 billion euros (35.2 billion dollars) was to be given for the reconstruction of homes, businesses, roads, bridges, and railways.
    A total of 16 billion euros of this would be paid this year (2021).
    The package was approved by the Cabinet on Wednesday.
    The coalition partners the conservative CDU/CSU and centre-left SPD would now submit the measures to parliament for approval.
    According to the draft, reconstruction aid for private households and businesses will be provided insofar as the damage is not covered by insurance or other third parties.
    Property owners whose homes were damaged by the floods were to be reimbursed with 80 per cent of the costs necessary to restore the buildings.
    Payments of 100 per cent of the costs could also be made in cases of hardship.
    The Federal and State Governments planned to participate jointly in the fund, while the Federal Government bore sole responsibility for the cost of restoring federal infrastructure amounting to 2 billion euros.
    German insurers are now expected to pay out more than five billion euros in claims relating to the flooding.
    The German Insurance Association (GDV) expects total insured losses to be at the upper end of its estimate of 4.5 billion to 5.5 billion euros.
    “The companies have so far paid out advances of around 700 million euros to their customers,’’ GDV Chief Executive Joerg Asmussen said in Berlin on Wednesday.
    Private customers have received around 500 million euros for their claims, while just under 200 million euros have been paid out for commercial claims.
    “The priority at the moment is to take up claims and make quick initial payments,’’ Asmussen said.
    In total, insurers expect 160,000 claims from private customers and 30,000 from companies.
    The large majority of these were in North-Rhine Westphalia, with 135,000 cases and 400 million euros being paid out in advance so far.
    However, claims from Rhineland-Palatinate have involved more costly considerations.
    The GDV says that 275 million euros have already been paid out there for a much lower number of 33,000 claims.

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