Where aid flows from

Record damage: this is how expensive the horror flood is costing us

The damage in Lower Austria is enormous.(Bild: Imre Antal)

The storms are over, but the suffering of many Austrians remains. The insurance companies are expecting record losses, and those affected are expecting aid to be provided quickly. The first damage assessments have been made and some payouts have already been made. How expensive the horror flood will cost us, how much money is already available and where we might still be able to find some.

The great flood in Austria is currently causing many people to despair. Some of their belongings have been destroyed and the costs incurred are weighing heavily on the shoulders of those affected. According to the Austrian Insurance Association (VVO), damage worth up to 600 to 700 million euros is expected. "In extreme cases, the billion euro mark could even be breached", it is assumed. Efforts are being made to settle claims "quickly and unbureaucratically".

Efforts are also being made in politics. As is well known, the federal disaster fund has been increased by 400 million to around one billion euros. In addition, Federal Chancellor Karl Nehammer (ÖVP) traveled to Poland on Thursday and was promised 500 million euros in EU aid - bringing the total amount of aid to 1.5 billion euros. 

50 million euros for flood protection
In order to prevent similar disasters and the many tragic individual fates of these days in the future, the Ministry of Climate Protection is making 50 million euros available for the expansion of natural flood protection. This is intended to support the renaturation of areas along rivers and streams. "The focus is still on cleaning up. But we also want to think about the future and take precautions," said Climate Protection Minister Leonore Gewessler (Greens).

Federal allocation this year
The money is to be allocated via an extraordinary funding round of the Biodiversity Fund, Gewessler's department will quickly approach the Ministry of Finance for the necessary coordination: "Because any contribution to mitigating such disasters in the future is a good thing. This is exactly what we will use this budget for." The money will come from the budget of the Ministry of Climate Protection and will be freed up through reallocations. The first funding awards are even possible this year, with projects receiving up to 100 percent funding.

Lower Austria's SPÖ regional party leader Sven Hergovich sees additional potential. And that in the as yet unused budget of the politically controversial Corona Fund. "All financial reserves must now be mobilized. The corona fund, which is endowed with more than 31 million euros, still has 26 million euros left after deducting previous payments. This could be used to almost double the disaster fund," calculates the red economist. After all: 600,000 euros have already been paid out to victims in Lower Austria.

How much money will private individuals receive?
The fact that, according to the key, private individuals affected by the storm should only receive 4.21 percent of the 1.5 billion euros in aid has caused concern among the population in recent days. But the all-clear has been given: "This key does exist, but in practice it is hardly ever applied. We always pay out as much as is needed," said the Ministry of Finance in response to an inquiry from Krone. Figures after the floods in 2013 prove this - even then, more than 4.21 percent went to private individuals.