Austria Triples Federal Disaster Fund Amid Historic Floods

Austria will more than triple its federal disaster fund to 1 billion euros to aid companies affected by recent severe flooding. The measure comes as central Europe grapples with its worst floods in two decades, with regions like Lower Austria receiving immediate aid. Opposition parties have raised funding concerns.

Austria's federal disaster fund is set to more than triple, reaching 1 billion euros ($1.11 billion), as announced by Chancellor Karl Nehammer on Wednesday. This move aims to support companies severely impacted by recent floods, allowing them to postpone tax payments.

The decision increases the fund from its previous volume of around 300 million euros. This substantial measure follows the recent extreme weather that has caused the worst flooding in at least two decades across central Europe.

"The last few days have been enormously challenging for many regions in Austria and our neighboring countries, causing great suffering and unimaginable destruction," Nehammer stated. Lower Austria has already received 45 million euros in aid from this fund. With Austrian parliamentary elections approaching on Sept. 29, the opposition has questioned how the new measures will be financed.

(With inputs from agencies.)