Prime Minister Pedro Sánchez said that no resident of the island would have to leave.
Spain will fast-track aid to La Palma after a volcanic eruption on September 19 destroyed homes and businesses on the island.
Prime Minister Pedro Sánchez, in his fifth visit to the island since the eruption last month, said that his government would pass legislation that would funnel millions of euros of aid to those in need.
Sánchez's government had already assigned 63 million euros ($73 million) in direct aid, with another 6 million euros ($7 million) for the local farming and fishing industries impacted in the impacted area.
Lava flows from the eruption on the Cumbre Vieja volcanic ridge have damaged or destroyed more than 2,100 buildings, mostly houses and farms. The molten rock, which has covered over 850 hectares (2,100 acres), has also knocked out irrigations systems and roads in the largely agricultural area.
Though most of the island of 85,000 people off northwest Africa is unaffected by the eruption, part of the western side is facing an uncertain future.
The lava flows are still going strong over a month later, gobbling up more buildings and forming newly-born land where it has reached the sea. Locals are also feeling the toll of the nonstop roar from the volcano and the constant series of low-level earthquakes under their island.
About 7,500 residents have had to be evacuated from their homes in prompt action by authorities that has prevented the loss of any lives. Most have taken refuge with family or friends but around 430 people are in temporary lodgings provided by the local government.
The Canary Islands government is buying up empty apartments to house those whose homes have been demolished. It has also pledged to modify regulations to help rebuilding efforts once the eruption finally stops.
But the end is nowhere in sight, warned Canary Islands president Ángel Víctor Torres.
“We still have weeks ahead of us,” Torres said. “We are living through some very difficult times. (But) no resident of La Palma will have to leave the island to continue their lives.”