Brussels, 02/08/2012 (Agence Europe) - The European Commission has moved to reallocate money from the European Regional Development Fund (ERDF) to aid the recovery of the Italian region of Emilia Romagna, following the earthquakes that hit the area in May. €10 million will be made available, though the cost of repairing the damage done is put at almost a thousand times that amount. The EU Solidarity Fund could, then, also come into play at a late stage.
In May, a succession of earthquakes caused massive destruction in the Emilia Romagna region. On 20 May, an earthquake measuring 5.9 on the Richter scale hit the area north of Bologna. A few days later, a second 'quake, only marginally smaller, measuring 5.8 on the Richter scale, struck the north of the city of Modena. More than 50 aftershocks have been recorded. In all, 24 people lost their lives and 14,000 have had to be evacuated. Many buildings, including a number of historic monuments, have been destroyed. Commenting on the decision to reallocate funding, Regional Policy Commissioner Johannes Hahn said: “I have seen the full scale of devastation in Emilia Romagna on my visit in June, and I said then that the Commission would do all in its power to support the region in this time of need”.
On 1 August, the Commission agreed to reallocate European funding within the ERDF to speed up the economic recovery of the areas devastated by the two earthquakes. €10 million will be made available but the Italian authorities are also considering requesting assistance from the EU Solidarity Fund. The cost of the disaster is estimated at €9.8 billion, with considerable damage having been done to the social infrastructure, cultural heritage and economic fabric of the region. The areas worst hit are among the most productive and competitive in Italy, providing 2% of national GDP.
Hahn concedes that the Commission's step in reallocating ERDF funding is small, but it is “a significant one to improve conditions for local communities and provide the services and equipment necessary for economic recovery and the resumption of normal life”. (MD/transl.rt)