Parliament will have to approve the waiver, which expires at the end of October, in a vote.
“We have to prevent a situation where businesses must file for bankruptcy simply because they could not access financial aid in time,” Justice Minister Christine Lambrecht said in a statement.
German Finance Minister Olaf Scholz said on Tuesday that rebuilding would cost more than 6 billion euros ($7.11 billion). He was speaking during a visit to one of the towns affected by the floods, which killed at least 180 people and were the most devastating in more than 60 years.
Germany introduced a similar waiver last year to prevent a wave of insolvencies resulting from the lockdowns implemented to contain the novel coronavirus.
Source: Economy - investing.com
