Flood Damage To Greece's Breadbasket May Reach Billions

The flood damage to Greece's breadbasket may result in costs running into the billions, as reported by Costas Kantouris for the Associated Press (AP).

The storms inundated an area of 720 square kilometers (280 square miles), primarily consisting of prime farmland, causing complete destruction of crops. I Photo: Karaiskos Farm

While the damage suffered by Mt. Pelion farmers in Greece was severe, their counterparts in the plain experienced even more extensive devastation due to last week's catastrophic floods, which claimed the lives of 16 people.

These floods occurred just days after wildfires in northeastern Greece had already resulted in the deaths of 20 people.

The storms inundated an area of 720 square kilometers (280 square miles), primarily consisting of prime farmland, causing complete destruction of crops.

Additionally, they submerged hundreds of buildings, disrupted the country's railway infrastructure, caused significant damage to rural roads and bridges, and resulted in the loss of tens of thousands of livestock.

Thessaly, a historically significant farming center for thousands of years, contributes approximately 5% to the national economic output and an even larger share of agricultural produce.

However, much of its agricultural output now consists of cotton and tobacco.

Finance Minister Kostis Hatzidakis acknowledged that determining the precise financial impact remains challenging, but he stated, "But ... we're talking in the billions (of euros)."

He further mentioned that the center-right government is in the process of drafting a supplementary state budget of approximately 600 million euros ($638 million) to address the immediate funding needs for this year.

Prime Minister Kyriakos Mitsotakis was expected to provide further details during a keynote economic policy speech on Saturday. This natural disaster has occurred against the backdrop of a cost-of-living crisis driven by Russia's war in Ukraine, which, coupled with the ongoing COVID-19 pandemic, has led to increased state social spending through various subsidies.

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