EU disaster fund earmarked in full

Following formal approval of the creation of an EU Solidarity Fund to help member states deal quickly with natural and man-made disasters, initial funding of €728mn has been allocated from the existing budget. This will immediately, and in full, disappear in payments to Austria, France and Germany (and the Czech Republic which is currently applying for membership) in respect of the August and September floods. The eventual extent of the fund could reach €1bn.