MoF: Flood Relief Costs Could Reach Up To RM2 Billion | Malaysia


Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said the ministry estimated the cost of repairing damage from last month’s catastrophic floods in eight states could reach RM2 billion. ― photo of Bernama

KUALA LUMPUR, 20 January ― The Ministry of Finance (MoF) today estimated that the cost of repairing damage from last month’s catastrophic floods in eight states could reach RM2 billion.

Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said RM300 million had so far been channeled for East Coast monsoon floods, under the National Disaster Relief Trust Fund (KWABBN) .

Cash incentives for affected families or individuals have been increased to RM1,000 and instead of RM5,000, RM10,000 will be given to those who lost loved ones in the floods.

“Apart from this, the government has prepared vouchers worth RM500 for electrical goods so that they can replace those damaged in the floods. It can be redeemed physically in stores or for online purchases on platforms approved by the Department of Energy and Natural Resources.

“So far, 5,100 households have obtained these vouchers and RM2.5 million has been redeemed,” Tengku Zafrul said during today’s special sitting of Parliament to discuss the widespread flooding.

“In addition, RM5,000 will be allocated for minor household repairs while houses that need more than RM5,000, the government will elect contractors to repair such houses for costs up to RM15,000.

“For households that have been totally razed, they will get up to RM56,000 to build a new house,” he said.

Tengku Zafrul said that so far, 439 households have benefited from the RM5,000 allocated for small repairs while 259 victims are in need of new homes.

He noted that automakers Proton and Perodua have agreed to give affected owners a 50% discount for repairs at their service centers.

He added that the government was giving affected car owners RM1,000 each for repairs.

He said more than 20 automakers with more than 1,800 service centers across the country have also offered aid to flood victims.

To date, 5,000 cars have been sent to these authorized service centers for repair.

Apart from this, the minister said that Selangor and Pahang will each receive RM50 million for the flood relief efforts.

“In addition, under Tekun Nasional (the National Entrepreneurs Group Economic Fund), RM30 million is provided to those who need to borrow money with a 12-month zero interest moratorium on these loans,” said Tengku Zafrul.

“We have also granted them a six-month moratorium for reimbursement from December 2021 until May 2022 covering sums exceeding RM 7 million.

“We estimate that the floods have caused economic disruption, especially in the affected area, between RM4 billion and RM8 billion,” he added.

Pahang and Selangor were the two states most affected by the December 2021 floods.

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