LIVE – Germany: floods will cost insurers up to 5 billion euros in damage


Angela Merkel’s government on Wednesday approved first emergency aid to relieve victims of deadly floods in western Germany.

The Council of Ministers has adopted immediate federal aid of 200 million euros while the regions, responsible for civil protection, will pay an identical sum, announced the Minister of Finance Olaf Scholz at a press conference.

The catastrophic floods of last week in western Germany will cost insurers up to 5 billion euros, the German industry federation GDV estimated on Wednesday.

“We currently expect insured losses of 4 to 5 billion euros,” said Jörg Asmussen, managing director of the insurance federation, in a statement.


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