The floods that devastated the Spanish region of Valencia at the end of last month are expected to trigger total insurance losses in excess of €3.5 billion ($3.8 billion), Moody’s estimates.
The projection is based on the first 72,000 insurance claims, with more expected in the coming weeks, the rating agency said in a report dated Thursday.
Related: Bahamas Raises Alarm on Lack of Cash to Survive Fast-Warming World
“While the full economic impact for the regions affected is not yet clear, we expect significant losses for local economies, affecting both public and private sectors,”