Portuguese PM has announced a 2.5 billion euros support package for families and businesses after Storm Kristin
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LISBON — Portuguese Prime Minister Luis Montenegro has announced a 2.5 billion euros (2.98 billion US dollars) support package for families and businesses after Storm Kristin left at least eight dead and a trail of destruction across the country, extending a national state of calamity.
Following an extraordinary Council of Ministers meeting, the government on Sunday (local time) announced the package while also extending the nationwide state of calamity until February 8. The measures include reconstruction aid, income support for families, liquidity assistance for businesses, and both tax and credit moratoriums.
Direct grants of up to 10,000 euros will be available for uninsured primary homes and for agricultural and forestry activities. Families facing hardship or income loss can receive up to 537 euros per person, capped at 10,075 euros per household, reports Xinhua news agency.
Businesses in affected areas will benefit from six months of Social Security contribution exemptions and access to a simplified temporary layoff scheme for three months. A 90-day moratorium will apply to business and primary home loans, with the possibility of extension for up to 12 months.
As part of the package, two credit lines totalling 1.5 billion euros will be launched to support business liquidity and structural recovery. Additional public funds will be directed toward repairing transport infrastructure, public facilities and cultural heritage.
According to local media reports, Storm Kristin, which has battered the country since Wednesday, has caused at least eight related fatalities. The hardest-hit regions include Leiria, about 140 km north of Lisbon, Coimbra, roughly 195 km north of the capital, as well as the district of Santarem and Lisbon. (1 euro = 1.19 US dollars)