Overview

• The European Commission proposed €945 million from the EU Solidarity Fund and approved redirecting €645 million in cohesion funds through the RESTORE mechanism.
• Funding will support repairs to damaged infrastructure, temporary housing, preventive reinforcement, cultural‑heritage preservation, and large‑scale cleanup.
• RESTORE offers up to 95% EU co‑financing, allows retroactive eligibility from the date of damage, and provides 25% prefinancing to speed projects.
• The bulk of the Solidarity Fund support will be paid in a single tranche once the European Parliament and the Council give their approval.
• The 29 October 2024 floods in the Valencian Community killed about 229–230 people and caused extensive damage, and the proposed package marks the fund’s second‑largest allocation since 2002.