Portuguese Prime Minister Luis Montenegro unveiled a 2.5 billion euros (2.98 billion US dollars) aid plan for families and businesses following the havoc caused by Storm Kristin, which resulted in at least eight deaths and widespread damage across Portugal. The government, after a special Council of Ministers session, extended the national state of calamity until February 8 and introduced various relief measures. These initiatives encompass financial assistance for reconstruction, income support for households, liquidity aid for businesses, and tax and credit moratoriums.
The support package includes grants of up to 10,000 euros for uninsured primary residences and agricultural activities. Families experiencing financial difficulties or loss of income can receive up to 537 euros per individual, with a maximum of 10,075 euros per household. Affected businesses will benefit from exemptions on Social Security contributions for six months and access to a simplified temporary layoff program for three months. Additionally, a 90-day moratorium will be in place for business and primary home loans, extendable for up to 12 months.
Moreover, the government will introduce two credit lines totaling 1.5 billion euros to bolster business liquidity and facilitate structural recovery. Public funds will also be allocated for the restoration of transportation infrastructure, public amenities, and cultural heritage sites. Storm Kristin, which has ravaged Portugal since Wednesday, has led to at least eight fatalities, with regions like Leiria, Coimbra, Santarem, and Lisbon bearing the brunt of the destruction.
