The European Investment Bank has pledged a significant financial aid package of 900 million euros to assist Spain in recovering from the recent devastating flash floods in the eastern region of Valencia.

This flood event, described as the most severe in Spain's modern history, resulted in a minimum of 217 deaths, with many people still unaccounted for.

In response, Prime Minister Pedro Sanchez has unveiled a comprehensive plan worth 10.6 billion euros ($11.6 billion) to support the flood victims in Valencia, Castile La Mancha, and Andalusia.

The floods, caused by heavy rainfall, led to overflowing waterways and caused extensive damage, including the loss of vehicles, bridges, and property.

Nadia Calvino, the head of the European Investment Bank and former Spanish economy minister, stressed the importance of rebuilding with resilience in mind, adapting to the increasing frequency and intensity of climate-related events.

Meteorologists attribute the severity of these torrential rains to climate change, particularly the warming of the Mediterranean, which increases water evaporation and contributes to extreme weather patterns in Europe.