Loading video player ...

Federal government grants Wallonia a loan worth 1.2 billion after floods

The Walloon government can borrow up to 1.2 billion euros from the federal government in the aftermath of the massive floods of 14 July. The Walloon Region will need the cash to rebuild infrastructure and to make major investments in housing. 

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.  

Top stories