German federal and state governments have agreed to build a fund of up to €8 billion to help rebuild in the wake of flooding, which is estimated to have caused €12 billion of economic damage in the country.

German Finance Minister Wolfgang Schäuble said funds would be provided quickly. “The concerns of our citizens can be alleviated, and now money for the victims of the flood catastrophe can be provided quickly.”

Of the €8 billion, the federal government will finance €1.5 billion on its own to repair federal infrastructure, including motorways, leaving €6.5 billion to be split 50:50 between the federal government and the states.

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

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