August Heavy Rain Damage Totals 80 Billion Won; MOIS to Invest 230.8 Billion Won in Recovery

[Financial News] The Ministry of the Interior and Safety (MOIS) has finalized the damage from last month's torrential rains, centered on Geoje and Tongyeong in South Gyeongsang Province, at 80 billion won. It will invest a total of 230.8 billion won in recovery efforts. Disaster relief funds for affected residents will total 21.3 billion won, and MOIS plans to distribute them before Chuseok. Four small rivers in Geoje and Tongyeong, which suffered extensive damage, will receive 61.3 billion won for improved restoration rather than simple restoration to their previous condition.
On the 16th, the Ministry of the Interior and Safety announced that, following deliberation at a meeting of the Central Disaster and Safety Countermeasures Headquarters (CDSCHQ), it had finalized the damage from the heavy rains of August 15–18 at 80 billion won and drawn up a recovery plan worth a total of 230.8 billion won.
The heavy rains caused damage in seven cities and provinces and 22 cities, counties and districts nationwide, including Geoje and Tongyeong in South Gyeongsang Province. One person died, two were injured, and 1,396 households were flooded. There were also 163 landslides.
Of the total recovery costs, 21.3 billion won will be provided as disaster relief funds for affected residents and other private facilities. A further 209.5 billion won will be spent restoring public facilities such as roads and rivers.
Four small rivers in Geoje and Tongyeong, which sustained extensive damage, will undergo improved restoration at a cost of 61.3 billion won. The approach goes beyond returning facilities to their pre-disaster condition and addresses vulnerabilities to prevent repeated damage.
In areas where flooding damaged electrical receiving equipment and cut off power supplies, 6 billion won will be provided to cover part of the cost of replacing and repairing the equipment.
Disaster relief funds for affected residents will amount to 3.5 million won per household in cases of residential flooding. Recovery costs for agricultural and forestry crops and facilities will be calculated based on the affected area and other factors.
MOIS has decided to provide disaster relief funds under the same standards even to areas that do not meet the criteria for national funding. Under current regulations, a city, county or district must have total disaster relief funds of at least 30 million won to qualify for national support. This time, however, residents in areas below that threshold will also receive assistance.
Geoje and Tongyeong, which were declared special disaster areas, received 6.6 billion won in national disaster relief funds in advance on the 28th of last month. MOIS plans to work with local governments to distribute the remaining disaster relief funds to affected residents before Chuseok.
Residents affected in regular disaster areas will receive 25 forms of indirect assistance, including deferrals of national tax payments. Special disaster areas can receive 13 additional forms of support, including reductions in electricity and telecommunications charges.
Minister of the Interior and Safety Yun Ho-jung said, "We will promptly provide national subsidies so that disaster relief funds can be paid before Chuseok. We will support the affected areas in returning to normal by advancing improved restoration of heavily damaged facilities and launching disaster recovery projects early."

[email protected] Lee Bo-mi Reporter