The European Investment Bank (EIB) agreed its largest ever support for new investment to protect homes and businesses across Greece from flooding. The new EUR 150 million twenty-five year EIB loan will support a EUR 355 million scheme to transform flood protection for 500,000 people in Athens, Thessaloniki and the Peloponnese.
“New investment is essential to save lives and property from flooding in vulnerable communities across Greece. Sustainable development is a high priority in the agenda of the Greek Government, to ensure environmental protection and act decisively towards addressing the impact of climate change. The European Investment Bank has unique technical and financial experience of supporting climate action around the world. New flood protection investment based on detailed technical analysis is supported by the Greek government, EIB and European Commission and will improve both protection and create jobs,” said Christos Staikouras, Finance Minister and Greek Governor of the EIB.
Ten flood protection projects will be supported by the new scheme over the next four years, including seven in Attica, two in Thessaloniki and one in the Peloponnese.
Under the climate adaptation initiative, river embankments will be heightened, river channels deepened, storm water drainage improved and floodwater retention increased to reduce the risk of future flooding in Greek cities most vulnerable to flooding. The scheme is a national priority given the expected future increase in the frequency of flash floods and prolonged rainfall and tragic loss of life and economic damage from flooding in recent years.
Since 2000 more than 16,000 people have been directly impacted and more than EUR 1 billion of economic activity damaged by flooding in Greece.
Original source: EIB
Published on 26 September 2019
