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French flood damage could cost insurers up to two billion euros

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French flood damage could cost insurers up to two billion euros

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The cost of France’s worst flooding in decades could reach an estimated two billion euros.

French insurance companies are expecting to have to pay out many hundreds of millions of euros.

Industry representatives were meeting with government ministers earlier on Monday (June 6) to discuss the damage.

French Prime Minister Manuel Valls has announced an emergency fund for victims.

He was preparing to attend a crisis meeting with members of his cabinet on Monday.

Officials have said they do not expect water levels to return to normal for at least a week.

Some French regions remain on orange alert, one notch down from the highest level.

The River Seine in Paris has stabilised. Officials said the waters were slowly receding after reaching a 34-year high of just over six metres above their normal level.

Attractions that had to close are beginning to reopen. The Grand Palais is welcoming back tourists.

The Louvre was planning to open its doors on Wednesday. Museum workers moved valuable statues and artworks from storage in the basement in dozens of boxes marked fragile before the weekend.

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