The catastrophic ‘cold drop‘ (Dana) that has swept through Spain and struck the Valencian Community, claiming more than 217 lives, has also caused immense material losses that are still very difficult to quantify. According to initial data, the storm has devastated 54,000 businesses, industrial warehouses, and offices, and 90% of companies are still unable to reopen. It is estimated that 17% of the companies in the province have been severely affected. As of yesterday, more than 46,000 compensation requests had been received by the Consorcio de Compensación de Seguros (Insurance Compensation Consortium), an entity dependent on the Ministry of Economy, of which more than 18,000 are already being processed.
The Consorcio de Compensación de Seguros is the public entity responsible for protecting policyholders against extraordinary events that may not be covered by conventional insurance policies, which must be in force in order to access the Consortium. In addition to the 46,000 compensation requests, there are also 26,000 that Mapfre, the largest Spanish insurer, has already received.
The Ministry of Finance has announced a three-month moratorium on tax payments, and the banking sector is also considering a general three-month moratorium for those affected, while the president of the Valencian Generalitat, Carlos Mazón, is asking the government for €31.402 billion in aid to implement a special plan that includes 136 measures, including the reconstruction of industrial estates, housing, and roads, as well as hydraulic works to prevent future flooding.
