The loan will be spread over 10 years, and the Walloons will have to pay interests. Federal PM Alexander De Croo also announced he wants to set up a solidarity mechanism between the different Belgian regions, to anticipate on future natural disasters.
The floods had an impact on some 100,000 Walloon residents in eastern Belgium. Wallonia will need an estimated 3 billion to repair the damage, but just spent 3 billion extra on the corona crisis, so the helping hand was welcome. The federal government also said it will relax conditions to enjoy a reduced tax rate of 6 percent (instead of 21 percent) for Walloon people building a new house after the floods.