EIB grants Greece 355 million to protect cities from floods and climate change

The loan will help 500,00 people in Athens, Thessaloniki and the Peloponnese

The European Investment Bank (EIB) informed about its decision to give its largest ever support package for new investments to protect homes and businesses across Greece from flooding. The new EIB loan will support the country with 355 million euros to be used for the protection of 500,000 citizens of Athens, Thessaloniki and the Peloponnese from floods.

“New investment is essential to save lives and property from flooding in vulnerable communities across Greece. Sustainable development is a high priority in the agenda of the Greek Government, to ensure environmental protection and act decisively towards addressing the impact of climate change. The European Investment Bank has unique technical and financial experience of supporting climate action around the world and I welcome today’s new support for flood protection in Greece. New flood protection investment based on detailed technical analysis is supported by the Greek government, EIB and European Commission and will improve both protection and create jobs,” underlined Christos Staikouras, Finance Minister and Greek Governor of the EIB.

The measures are aimed at strengthening flood protection across Greece. Several related projects will be supported by the new scheme over the next 4 years, including seven in Attica, two in Thessaloniki and one in the Peloponnese. Under the climate adaptation initiative, river embankments will be elevated, storm water drainage will be improved, river channels will be deepened and floodwater retention will be increased in order to reduce the risk of future flooding in Greek cities which are most affected by the issue. The scheme will combine national and European financial support.