Portugal disburses €835 million to storm-hit businesses as aid expands
The government of Portugal has distributed 835 million euros in financial support to companies affected by severe storms earlier this year, according to the Portuguese Development Bank.
Chief executive Goncalo Regalado told lawmakers on Tuesday that the funds have already reached 4,260 businesses across the country, as part of a broader recovery effort, News.az reports, citing Xinhua.
More funding in pipeline
Speaking before the parliamentary Budget, Finance and Public Administration Committee, Regalado said an additional 1.46 billion euros in loans is currently awaiting approval, indicating further support is expected in the coming months.
The financial assistance is being delivered through two dedicated credit lines designed to address both immediate and long term needs of affected businesses.
Targeted recovery and liquidity support
One of the credit lines focuses on financing reconstruction efforts in municipalities where a state of emergency or calamity was declared following the storms.
The second provides liquidity support, helping companies cover working capital requirements and essential operational costs as they recover from disruptions.
Wide range of sectors supported
Authorities said the scheme has been extended to businesses across multiple sectors, including industry, transport and logistics, construction, agriculture and retail.
The funding aims to stabilise operations, restore damaged infrastructure and support economic recovery in regions hardest hit by extreme weather.
The latest figures highlight the scale of Portugal’s response as it seeks to mitigate the economic impact of natural disasters and accelerate recovery for affected enterprises.
By Faig Mahmudov
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