Floods caused severe destruction in the country
Flood losses in Germany could be as high as €10 - €12 billion, the country's Economy Minister Philipp Rösler said in an interview with a German radio station.
Fitch experts give the same estimated €12 billion. According to their calculations, insurance companies will be able to cover €2.5 - €3 billion in losses.
In addition, German Minister of Economy noted that those affected by the flood will receive a one-off compensation from the flood relief fund. It was not, however, mentioned how much money the fund has and which amount is going to be paid.
