BREAKING: Huge investment for Ireland's flood defences

The European Investment Bank has agreed to lend some €200m to Ireland for investment by the Office of Public Works in flood prevention over the next five years.

The Vice-President of the EU’s investment bank, the European Investment Bank (EIB), Jonathan Taylor, confirmed the investment today.

Speaking in Brussels he said: “The EIB has agreed to provide €200 million for investment by the Office of Public Works in flood prevention and protection infrastructure across Ireland over the next 5 years. We expect to support around 30 flood related projects, including around nine flood prevention schemes. One of these will improve flood management on the River Lee in Cork. This work will take place over the coming months”.

This is the EIB’s first support package for flood protection in Ireland and builds on their strong experience backing similar schemes elsewhere in Europe. Since 2008 the EIB has provided more than EUR 3 billion for flood protection and prevention projects, and EUR 1.1 billion for post flood reconstruction schemes.

Vice-President Taylor is expected to visit Dublin in the coming weeks to meet Irish counterparts and to ensure that EIB support for flood protection and prevention is rapidly put in place.