The extreme weather caused at least three billion euros in damage to Italy, including the destruction of urban structures and the destruction of crops in several regions.
As “European Truth” writes, this is reported in the Bloomberg publication.
Data on the losses suffered by Italy, primarily due to floods since the beginning of the year, are based on claims from customers of insurance companies for compensation for damaged property, primarily in the northern regions of Veneto and Emilia-Romagna.
The damage is likely to increase after the floods that hit Tuscany and northern regions last week as a result of Storm Ciaran.
According to estimates by the Italian Civil Protection Agency, the disaster caused more than 300 million euros in damage and killed seven people. The Italian government has already allocated about 5 million euros in aid.
In addition, the agricultural association Coldiretti estimated the damage to Italy’s agricultural sector from floods at more than 6 billion euros this year.
Against this background, shares in one of Italy’s biggest insurers, Assicurazioni Generali, fell in late October after it recorded about 840 million euros in natural disaster losses, more than its budget for such payments for the entire year.
Meanwhile, in France since Saturday Storm Domingo continueswhich came from the Atlantic Ocean, leading to blackouts in tens of thousands of households and the declaration of a weather emergency in 12 departments.