# Germany sets out flood relief funding, hopes of finding survivors fade
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-07-21
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Germany Floods: Hopes Dim for Survivors Amid
Meta Description: After floods in western Germany, official dampens hopes of finding more survivors. Relief efforts ongoing, with fed govt pledging financial aid.
URL: https://financedigest.com/germany-sets-out-flood-relief-funding-hopes-of-finding-survivors-fadehtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2021-07-21t113322z1lynxmpeh6k0odrtroptp4europe-weather-germany-1736838155518-compressed.jpg)

By Kirsti Knolle and Riham Alkousaa

BERLIN (Reuters) -A relief official dampened hopes on Wednesday of finding more survivors in the rubble of villages devastated by floods in western Germany, as a poll showed many Germans felt policymakers had not done enough to protect them.

At least 170 people died in last week’s flooding, Germany’s worst natural disaster in more than half a century, and thousands went missing.

We are still looking for missing [persons as we clear roads and pump](https://www.financedigest.com/airless-pump-market-to-grow-by-1-8x-as-demand-in-personal-care-cosmetics-industry-picks-up-pace-future-market-insights.html "Airless Pump Market to Grow by 1.8x as Demand in Personal Care & Cosmetics Industry Picks Up Pace: Future Market Insights") water out of basements,” Sabine Lackner, deputy chief of the Federal Agency for Technical Relief (THW), told Redaktionsnetzwerk Deutschland.

Any victims that are found now are likely to be dead, she said.

For immediate relief, the federal government will initially provide up to 200 million euros ($235.5 million) in emergency aid, and Finance Minister Olaf Scholz said more [funds can be made available if needed](https://www.financedigest.com/need-additional-funding-but-not-sure-how-to-go-about-it.html "Need additional funding but not sure how to go about it?").

That will come on [top of at least 250 million euros to be provided from the affected states to repair buildings and damaged local infrastructure and to help people in crisis](https://www.financedigest.com/5-top-tips-when-holding-a-crisis-press-conference.html "5 Top Tips When Holding a Crisis Press Conference") situations.

Scholz said the [government would contribute to the cost](https://www.financedigest.com/internet-data-growth-has-not-pushed-up-telcos-network-costs-dutch-government-says.html "Internet data growth has not pushed up telcos’ network costs, Dutch government says") of rebuilding infrastructure such as roads and bridges. The full extent of the damage is not clear, but Scholz said that rebuilding after previous [floods cost](https://www.financedigest.com/louisiana-floods-to-cost-us-economy-more-than-10bn-according-to-aon-catastrophe-report.html "Louisiana floods to cost US economy more than bn, according to Aon catastrophe report") about 6 billion euros.

Interior minister Horst Seehofer, who faced calls from opposition politicians to resign over the high death [toll from the floods](https://www.financedigest.com/worst-flooding-since-1998-leaves-33bn-economic-toll-in-china-according-to-aon-catastrophe-report.html "Worst flooding since 1998 leaves bn economic toll in China, according to Aon catastrophe report"), said there would be no shortage of money for reconstruction.

“That is why people pay taxes, so that they can receive help in situations like this. Not everything can be [insured,” he told](https://www.financedigest.com/uk-banks-and-insurers-told-to-step-up-help-for-struggling-customers.html "UK banks and insurers told to step up help for struggling customers") a news conference.

[MOUNTING COSTS](https://www.financedigest.com/factbox-global-banks-take-axe-to-jobs-as-cost-pressures-mount.html "Factbox-Global banks take axe to jobs as cost pressures mount")

The floods are estimated to have caused more than 1 billion euros in [insured losses](https://www.financedigest.com/uk-motor-and-home-insurers-headed-for-heavy-losses-ey-warns.html "UK motor and home insurers headed for heavy losses, EY warns"), actuary company MSK said on Tuesday.

The overall damage is expected to be much higher as only around 45% of homeowners in Germany have [insurance that covers flood damage, according to figures from Germany’s insurance industry](https://www.financedigest.com/how-can-the-insurance-industry-avoid-having-a-kodak-moment.html "How can the insurance industry avoid having a ‘Kodak Moment?’") association GDV.

Economy [Minister Peter Altmaier told Deutschlandfunk radio the aid would include funds](https://www.financedigest.com/permitted-share-of-chinas-yuan-in-russian-wealth-fund-doubled-to-60-finance-minister.html "Permitted share of China’s yuan in Russian wealth fund doubled to 60% -Finance Minister") to help businesses such as restaurants or hair salons make up for lost revenue.

The floods have dominated the political agenda less than three [months before a national election in September and raised](https://www.financedigest.com/italys-leonardo-raises-fy-orders-guidance-after-strong-nine-months.html "Italy’s Leonardo raises FY orders guidance after strong nine months") uncomfortable questions about why Europe’s richest economy was caught flat-footed.

Two-thirds of Germans believe that federal and regional policymakers should have done more to protect communities from floods, a [survey by the INSA institute for German](https://www.financedigest.com/european-stocks-slip-on-dour-german-sentiment-survey-ahead-of-powell-speech.html "European stocks slip on dour German sentiment survey ahead of Powell speech") mass-circulation paper Bild showed on Wednesday.

Chancellor Angela Merkel, visiting the devastated town of Bad Muenstereifel on Tuesday, said authorities would look at what had not worked after being widely accused of not being prepared despite [weather warnings](https://www.financedigest.com/europe-unveils-hi-tech-satellite-to-speed-up-extreme-weather-warnings.html "Europe unveils hi-tech satellite to speed up extreme weather warnings") from meteorologists.

($1 = 0.8490 euros)

(Writing by Maria Sheahan, Editing by Timothy Heritage)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---