Govt. estimates post-flood rebuilding to cost Rs. 60 b

Thursday, 13 July 2017 00:06 - - {{hitsCtrl.values.hits}}

The Government yesterday revealed that the rebuilding cost following the devastating floods in May in 15 districts is estimated to be around Rs. 50-60 billion or 0.5% of GDP.

Given the urgency for rebuilding, the Government this week approved reallocating available funds to rebuild the infrastructure damaged by floods in May.

Highlighting the constraints in giving new allocations for rebuilding, a proposal by Finance Minister Mangala Samaraweera to reallocate existing funds following a review of the priority of existing projects and part of the allocations reserved for the Supplementary Assistant Services and Emergency Requirements project was approved by Cabinet.

The May flood was the country’s worst ever in over a decade and initial estimates of the damage caused were in the region of Rs. 300 billion, prompting the Government to seek international assistance.

The worst flood coupled with deadly landslides claimed over 200 lives, damaging 35,000 houses and leaving 116 people missing. Nearly 237,240 people were left displaced.