European Commission Allocates €166 Million to Support Valencia Flood Recovery
The European Commission has reassigned €166 million to bolster recovery efforts in Valencia following the devastating October 2024 floods, supporting infrastructure, businesses, and social programs.
- • The European Commission approved reallocating €166 million from the FSE+ to aid flood recovery in Valencia.
- • Floods in October 2024 caused over 230 deaths and widespread damage.
- • Funds will support self-employed workers, youth training, replacement of goods, and psychological support.
- • €18 million is allocated for specialized technology courses to aid EU competitiveness.
Key details
The European Commission has approved a significant financial measure, reallocating €166 million from the European Social Fund Plus (FSE+) to aid Spain’s recovery from the catastrophic floods that struck Valencia in October 2024. This reallocation, facilitated through the RESTORE mechanism, complements the €1.6 billion already allocated earlier this month from the EU Solidarity Fund and other cohesion funds to address the disaster's aftermath.
The floods, triggered by an isolated high-level depression known as DANA, resulted in torrential rains causing severe flooding. Over 230 people lost their lives, and extensive damage was inflicted on homes, schools, hospitals, transport infrastructure, and businesses across the region.
The newly reassigned funds are aimed at supporting various recovery efforts, including assistance to self-employed workers who lost their businesses due to the floods. They will also finance training programs for youth in the affected areas and cover the replacement of damaged essential goods. In addition, psychological and educational support initiatives for students are planned to help communities recover.
Significantly, €18 million will be directed toward specialized courses in digital technologies, biotechnology, and clean technologies through the Strategic Technologies Platform for Europe (STEP). This effort aims not only to foster regional recovery but also to strengthen the development of critical technologies important for the EU's long-term competitiveness.
Roxana Mînzatu, Executive Vice President for Social Rights and Capabilities, highlighted the resilience of the Valencian people a year after the tragedy, underscoring that recovery involves more than rebuilding infrastructure—it's about restoring hope and stability. Payments from the RESTORE fund will be made progressively, covering up to 95% of eligible expenses, with 25% pre-financing, based on expenses incurred, following new legislation adopted in December 2024.
This funding framework allows member states to complement EU Solidarity Fund assistance with cohesion policy funds, ensuring a robust and coordinated response to the disaster’s profound impacts.
This article was synthesized and translated from native language sources to provide English-speaking readers with local perspectives.