Spanish Prime Minister Pedro Sanchez has announced a financial relief package to assist residents and businesses affected by recent flooding in Valencia.

The relief package is estimated to cost €10.6 billion ($11.5 billion). The government will provide €838 million in direct aid specifically for self-employed workers and impacted companies. Additionally, the package includes up to €5 billion in state-backed guarantees to facilitate credit loans for businesses and households.

Sanchez referred to this initiative as the "immediate response, reconstruction and relaunching plan for the community of Valencia" during a press conference.