Floods in Germany will cost around 3bn euros

Germany floods might cost 3billion euros

Wed, 12 Jun 2013 09:51:09 GMT

A credit rating agency says the damage from the recent flooding in Germany is expected to lead to insurance claims of about 3 billion euros.

Fitch Ratings said on Tuesday that damage from recent floods is likely to cost German insurers between 2.5 billion and 3 billion euros, as the country was affected by central Europe’s worst floods in a decade.

The comments came after flood levels on the Elbe River in northern Germany appeared to stabilize and that the peak of the flood on the Danube River moved away from the country toward Hungary and Serbia.

The Elbe, Danube and other rivers in central Europe overflowed due to heavy rain over the past few weeks, causing widespread damage in Austria, Germany, the Czech Republic, Slovakia and Hungary. At least 18 people have reportedly died in the floods across central Europe.

On Sunday, some 23,000 people were evacuated from the East German city of Magdeburg after a dam burst on the Elbe. The water levels reportedly rose to a record 7.48 meters, about five meters above normal level.

Nearly 70,000 firefighters and 11,000 soldiers were reportedly been deployed to help flood-hit areas across the country.

Chancellor Angela Merkel is expected to meet the governors of the country’s 16 states on Thursday to talk about the aftermath of the floods.

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