Spain has pledged $11 billion to assist Valencia's recovery from tragic floods, yet local authorities estimate the costs of recovery at $34 billion. This disparity raises concerns about the sufficiency of government's financial support amid the devastation.
Carlos Mazón, President of Valencia, emphasized the urgency of financial assistance, stating: "The measures will serve to rebuild, relaunch, and mitigate the effects" of the storm, highlighting local authorities' assessment of the extensive damage and recovery costs.
Valencia's Chamber of Commerce reported that approximately 4,500 businesses experienced significant damage due to the floods, with around 1,800 businesses being severely impacted, showcasing the economic repercussions across various sectors, particularly in agriculture and industry.
During a press conference, Spanish Prime Minister Pedro Sánchez announced the allocation of $11.55 billion for storm and flood victims, yet the local government stresses that the true scale of destruction demands much higher funding.
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