Germany to draw up $10.6 billion flood damage fund

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Associated Press

Posted on June 13, 2013 at 10:02 AM

Updated Thursday, Jun 13 at 10:04 AM

BERLIN (AP) — A German official says the country plans to create an 8 billion euro ($10.6 billion) emergency fund to pay for damage caused by recent flooding.

Thuringia state Governor Christine Lieberknecht gave the figure Thursday after a meeting of the leaders of Germany's 16 states and the country's finance minister, news agency dpa reported. She said financing details have yet to be finalized.

The Elbe, the Danube and other rivers overflowed their banks following persistent heavy rain, causing extensive damage over the past two weeks in southern and northeastern Germany. The water is now slowly receding.

Fitch Ratings earlier this week estimated that the cost of damage in Germany would total about 12 billion euros. The Czech Republic, Austria, Slovakia and Hungary also have been hit by floods.

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