EIB loans Greece 150 mn euros for flood protection

The European Investment Bank on Thursday said it was loaning Greece 150 million euros ($166 million) for flood protection projects after two deadly emergencies in the last two years.

The EIB said the loan, part of an overall 355-million-euro scheme, was its largest ever support for new investment to protect homes and businesses in the greater Athens area, Thessaloniki and the Peloponnese.

In November 2017, 23 people died in a flash flood in Mandra, on the outskirts of the capital. In July, seven people, most of them tourists, died in a fierce storm that ripped through beachfronts in Halkidiki, one of Greece's top tourist resorts.

"The EIB is pleased to support this impressive new initiative to strengthen flood defences and protection measures across the country through the 150-million-euro loan confirmed today," the bank's vice president Andrew McDowell said after talks in Athens.

The EIB said the initiative will support ten flood protection projects over the next four years, including seven in Attica, two in Thessaloniki and one in the Peloponnese.

These include works to heighten river embankments, deepen river channels, and improve storm water drainage.

Since 2000, more than 16,000 people have been directly impacted by flooding that has caused damage of over a billion euros to economic activity in Greece, the EIB said.

Related Links
Bringing Order To A World Of Disasters
When the Earth Quakes
A world of storm and tempest

Tweet

Thanks for being there;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Monthly Supporter
$5+ Billed Monthly

paypal only

SpaceDaily Contributor
$5 Billed Once

credit card or paypal

Niamey residents flee after the worst floods in 50 years
Niamey (AFP) Sept 16, 2019
"At last, we're here!" Amina and Halima, who live in Niger's capital Niamey, exulted after reaching high ground following the worst floods to hit the city in 50 years. Two weeks ago, authorities in Niamey declared a red alert when the waters of the Niger river - the third biggest in Africa - rose to a level "not seen in more than 50 years". The floods have affected more than 6,300 people in the traditionally dusty city. Nearly 60 have been killed and 130,000 displaced across the nation thi ... read more