German flood damage estimated at €12 billion

By Helen Wright13 June 2013

The European Investment Bank (EIB) “stands ready” to provide over €1 billion in financial support to help reconstruct after wide-spread flooding in Germany, Hungary and the Czech Republic.

According to a forecast from Fitch Ratings, the flooding is estimated to have caused €12 billion of economic damage in Germany alone. Fitch said the damage was likely to be even costlier than the devastating 2002 floods that hit the same region, with insured losses estimated to reach between €2.5 billion and €3 billion.

EIB President Werner Hoyer said the Bank was considering how it could best help to provide support for urgent reconstruction programmes at local and regional levels, as well as for future flood prevention schemes.

After the floods of 2002, the EIB approved financing worth €1 billion, distributed between the relevant countries based on final demand.

“The EIB is willing to go beyond the amount from 2002, depending on investment demands and if needed,” Mr Hoyer said.

Latest News
D.A. Collins completes Erie Canal repairs
D.A. Collins utilized a Link-Belt 248 HYLAB 5 lattice crawler and Link-Belt ATC-3275 all-terrain. 
Liebherr cranes critical for bridge pick
The LTM 1450-8.1 and the LTM 1250-6.1 mobile cranes were utilized for the construction of a new bridge.
Select Crane delivers Link-Belt RTC8090
Select Crane Sales recently delivered a custom painted Link-Belt RTC8090 to Chief Marine Group in Florida.