PORTUGAL UNVEILS €2.5 BLN SUPPORT PACKAGE FOR STORM KRISTIN VICTIMS   

LISBON, Feb 2 (Bernama-Xinhua) -- Portuguese Prime Minister Luís Montenegro on Sunday announced a €2.5 billion (US$2.98 billion) support package after Storm Kristin killed at least eight people and devastated parts of the country, reported Xinhua.

Following an extraordinary Council of Ministers meeting, the government announced the package while also extending the nationwide state of calamity until Feb. 8.

The measures include reconstruction aid, income support for families, liquidity assistance for businesses, and both tax and credit moratoriums.

Direct grants of up to €10,000 will be available for uninsured primary homes and for agricultural and forestry activities. Families facing hardship or income loss can receive up to €537 per person, capped at €10,075 per household.

Businesses in affected areas will benefit from six months of Social Security contribution exemptions and access to a simplified temporary layoff scheme for three months.

A 90-day moratorium will apply to business and primary home loans, with the possibility of extension for up to 12 months.

As part of the package, two credit lines totalling €1.5 billion will be launched to support business liquidity and structural recovery.

Additional public funds will be directed toward repairing transport infrastructure, public facilities and cultural heritage.

Local media said Storm Kristin has caused at least eight deaths since battering the country from Wednesday.

The hardest-hit areas include Leiria, about 140 kilometres (km) north of Lisbon; Coimbra, roughly 195 km north of the capital; and the districts of Santarém and Lisbon.

--BERNAMA-XINHUA