Earthquake 2016: CDP €560 Million in Support of Italy

Earthquake 2016: CDP €560 Million in Support of Italy

Since 2009 €20 billion for reconstruction of areas affected by natural disasters

Rome February 28, 2017  

€560 million will be allocated to areas affected by 2016 earthquakes due to a new fund approved by the Cassa depositi e prestiti for business owners, sole traders and farmers in areas affected by earthquakes in central Italy.

The fund will provide subsidized loans allowing deferred payment for five years – at no additional cost – of taxes suspended because of the earthquakes and taxes due up until 31 December 2018.  

The instrument  is scheduled to begin at end of April 2017, when a Convention between the CDP and the ABI, Italian banking association, will be signed to regulate the procedures for disbursement of funds through banks.

This isn’t the first CDP involvement in the reconstruction of Central Italy. In December 2016 the Central Italy Earthquake Fund was launched, providing an instrument to families and businesses to help them secure the necessary resources for the reconstruction of houses and production activities, currently amounting to around €4 billion.

The latest operation reaffirms CDP's commitment to areas hurt by natural disasters throughout Italy. Since 2009, CDP has allocated over €20 billion for these activities: €2 billion to rebuild homes damaged or destroyed by the earthquake in Abruzzo in 2009; €12 billion for the reconstruction and the resumption of economic activities in Emilia-Romagna, Lombardy and Veneto following the earthquake in 2012; €90 million for the granting of subsidized loans to the municipalities affected by flooding in Sardinia in 2013; €1.5 billion for the many emergencies that occurred throughout the Italian Peninsula since 2013; about €4 billion for private reconstruction in the areas of central Italy hit by the August 2016 earthquake. To these sums is added the new €560 million fund.