BESIDES the cost in human lives and the massive disruption caused, this week’s DANA in Valencia province will be the most expensive natural disaster in Spanish history.
Insurance companies are gearing up to face the largest number of claims ever for an incident while countless businesses, many of which are run on a self-employed basis- will have to get back on their feet.
The National and Valencian governments are already planning payments to affected residents including a €250 million package that will see initial payouts of €6,000 per household to replace fixtures and fittings.
READ MORE:
In regard to insurance, the Compensation Consortium – a public body that is part of the Economy Ministry says it is far soon to make a financial estimate of the damage caused to building.
The last major DANA to hit the Valencian Community was in September 2019, with a big impact on the south of Alicante …