Jungdaebon Confirms 1.8236 Trillion Won for Heavy Rain and Typhoon Damage Recovery Costs

Heavy Rain and Typhoon Damage Amounts to 807.1 Billion Won

The Central Disaster and Safety Countermeasures Headquarters reviewed and approved a recovery plan on the 12th to provide 1.6165 trillion KRW for flood damage recovery during the rainy season (June 27 to July 27), 104.8 billion KRW for recovery from Typhoon Khanun (Typhoon No. 6), and 102.3 billion KRW in consolation payments for damages to private facilities such as housing and agriculture/fisheries.

First, the Headquarters estimated that property damage from the recent rainy season floods amounted to 751.3 billion KRW. Additionally, damage from Typhoon Khanun (Typhoon No. 6) was estimated at 55.8 billion KRW.

In this regard, the Headquarters announced that recovery costs for damages to private and public facilities will be calculated and supported according to the regulations on recovery cost support. In particular, support for private facility damages will be provided by applying the enhanced and expanded flood damage support standards announced on July 31 and last month on the 23rd.

For public facilities, the principle is to restore the damaged facilities to their original functions on-site according to local conditions; however, a recovery plan has been established to fundamentally improve the facilities to prevent similar damages from recurring in the future. The recovery cost (1.8236 trillion KRW) is approximately 2.2 times the damage amount (807.1 billion KRW).

So far, the government has supported local governments with 34.65 billion KRW, including special disaster safety taxes, to enable rapid damage recovery, and has provided 17.3 billion KRW, part of the national government’s share of disaster relief funds, for proactive support for casualties, housing, and small business damages.

Lee Sang-min, head of the Central Disaster and Safety Countermeasures Headquarters, stated, “The government has prepared a recovery support plan to help those affected by flood and typhoon damages recover practically,” adding, “We will actively cooperate with local governments to ensure that disaster relief funds and consolation payments reflected in the recovery plan are paid before Chuseok, and we will do our best to complete recovery work early.”