The Government of Spain has allocated to date 1,100 million euros for the recovery of La Palma after the devastating volcanic eruption of 2021. This figure was revealed during the Fourteenth Joint Commission for the reconstruction of the island, chaired by the Minister of Territorial Policy and Democratic Memory, Ángel Víctor Torres, and the President of the Government of the Canary Islands, Fernando Clavijo.
Minister Torres announced that in November a Royal Decree-Law will be approved with urgent measures for La Palma, which will include a 60% reduction in the IRPF and an additional €100 million allocation, most of which will be allocated to the primary sector. This legislative instrument, which will enter into force after its approval by the Council of Ministers, will require validation in Congress, for which the support of the People's Party will be sought.
So far, 53 million euros have been transferred to local authorities for the reconstruction of municipal infrastructure. Among the highlighted projects is the Coast Road, costing 38 million euros, inaugurated in May 2023.
Additionally, the investments include 135 million euros for a 'social shield,' covering housing, employment, and ERTEs. In the housing sector, 365 million have been mobilized, of which 240 correspond to the Consorcio de Compensación de Seguros.
The agricultural sector has received approximately 50 million euros to repair damage and to support campaigns promoting local products. In total, and including allocations from different ministries, the total investment by the Spanish government amounts to 1,100 million euros.
The meeting at Casa Salazar underscored the importance of cooperation among the different administrations to ensure an effective and coordinated response. With these measures, the government seeks to ensure the comprehensive reconstruction of the island and the return to normality for its inhabitants.
Source: Ministry of Territorial Policies and Democratic Memory.
