Berlin, Aug 6 (FN Bureau) The reconstruction fund for the western German regions damaged by heavy floods last month is estimated to reach up to 10 billion euros, with cost expected to be shared between federal and state governments, Der Spiegel magazine reported on Friday, citing sources. Half of the estimated sum is planned to be allocated by the federal government and the other half by the German states, according to the report.
The fund will not be used for direct financial assistance to people and will be topped annually as needed, the magazine said. On Monday, the frontrunner in the race for the German chancellorship, Armin Laschet, said that the reconstruction fund must be formed in five weeks through a federal legislation. The meeting at which minister-presidents of German states and Chancellor Angela Merkel are expected to make the decision on the fund is scheduled for next Tuesday. The German parliament is expected to consider the draft law on September 7. In mid-July, western regions of Germany were severely damaged by flooding caused by heavy downpours. The German states of North Rhine-Westphalia and Rhineland-Palatinate were particularly affected, with over 170 human lives lost.