Spanish Prime Minister Pedro Sanchez announced the first economic package for residents and businesses in flood-hit areas in Valencia and said the total cost could reach 10.6 billion euros ($11.5 billion).

The package is part of what the government calls an “immediate response, reconstruction and restart plan for the community of Valencia,” Sanchez told a news conference on Tuesday.

The government has deployed 14,898 police and soldiers to the areas affected by flash floods, he added.

“The total investment for these first measures” will exceed 10.6 billion euros, Spain’s prime minister said as he announced a series of measures after a cabinet meeting

The Spanish prime minister said the government plans to spend around 838 million euros in direct cash payments to those affected by the deadly floods.

The measures will target 65,000 workers and 30,000 businesses, the Spanish prime minister explained.

The Instituto de Credito Oficial (ICO), the government’s credit agency, will guarantee up to €5 billion in loans to small and medium-sized businesses, the self-employed and families to finance reconstruction efforts.

Additional resources will be made available to suspend the payment of taxes and levies, as well as to finance property replacement and road and rail rehabilitation.

The Spanish government, which has officially declared a state of natural disaster in the affected areas, has also pledged to shoulder 100% of the emergency costs of municipal authorities to assist their citizens and clean up the streets.

In addition to the urgent measures, Pedro Sánchez assured that the government is working on a long-term plan for the region, which includes the reconstruction of the affected areas, but also a plan for the “transformation” necessary to adapt the region to the “climate crisis ».