Pascual Andreu proudly indicates a black-and-white photograph affixed to the wall of his chocolate manufacturing facility. The image depicts his grandfather, the founder of the business in 1914. However, surveying his surroundings and recalling the devastation wrought by the flash floods that hit Spain’s eastern Valencia region on 29 October, Andreu becomes emotional. He recounts, “The water came in and water and mud covered everything.” Andreu continues, “And when it had gone, it left a terrible sight. All the stock we had was ruined, the machinery was useless.” He further laments, “All my life working. And for what?” The floodwaters left a mark measuring six feet (1.8m) high on the wall, and despite the water receding, mud persists on the equipment. Remarkably, his grandfather’s photograph remained undamaged. Nevertheless, Andreu, now in his sixties and awaiting the potential insurance payout, feels too discouraged to recommence operations. The sudden flood resulted in over 220 fatalities across the Valencia region, with numerous victims trapped in vehicles or on the ground levels of structures as the powerful, tsunami-like waters struck. Beyond the loss of life, the catastrophe also destroyed sources of income. The Valencia chamber of commerce calculated that 48,000 businesses experienced an impact. The most severely impacted areas were the municipalities and industrial zone encircling the Mediterranean city of Valencia, which itself was spared from the flood’s effects. Overall, the province of Valencia contributes 5% to Spain’s GDP, as per CaixaBank Research, which projects that the calamity might decrease national economic production by one to two percentage points during the fourth quarter of 2024. A significant portion of the destruction occurred within industrial estates. Diego Romá, executive president of the federation of industrial estates in the Valencia region (Feteval), stated that “thousands and thousands of jobs are in the air” and that 58 industrial estates in total were impacted by the floodwaters. He commented, “Most companies are working hard to resume production, but unfortunately there are maybe 10 to 20% of companies which are going to close.” The consequences of 29 October remain apparent across the industrial estates. Vehicles left behind line roads, coated in mud, rubble has accumulated against structures, and numerous business premises have their shutters lowered. Electro Fernández, an electrical installation firm, stands among the limited number of businesses that have recommenced operations, after losing €40,000 ($42,000; £33,000) in tools during the floods. Patricia Muñoz, who co-owns the company with her husband, stated, “We were immediately affected 100% because we lost our tools and vehicles.” She indicated that their current operational capacity is at 10%. She remarked, “We’ve cleaned the place, we’ve got all our employees here, and we’ve taken action to get going again.” Muñoz added, “But a lot of the companies on this industrial estate, and on others are nowhere near that, they are still cleaning up.” She concluded, “This has been an absolute disaster. You only realise the scale of it when you see it for yourself.” Nearby, a vehicle storage facility holds hundreds of approximately 120,000 cars that were damaged or ruined by the inundation, having been cleared from roads and stacked. Under a €17bn relief initiative unveiled by the government within the initial month following the catastrophe, a pledge was made to offer up to 10,000 euros to vehicle owners for replacements. Enterprises and independent contractors are also slated to receive assistance, including compensation for damage to residences and business properties. A temporary layoff program has also been implemented. In late November, Socialist prime minister Pedro Sánchez informed congress that his administration was “making a titanic effort” to guarantee that the committed funds reach affected individuals promptly. Nevertheless, skepticism persists among some. Toni Milla, president of a local business association in the significantly impacted town of Alfafar, asserted, “I think that official financial aid is badly managed.” He noted that much of the business relief pledged during the Covid pandemic failed to materialize for its intended recipients. He predicted, “I think this time the same thing is going to happen.” The confidence of Valencian residents in their governing bodies has already been significantly undermined by the initial handling of the catastrophe. Demonstrators have called for the resignation of regional president Carlos Mazón, after it became known that he was away from his office for several hours on the day the floods occurred, reportedly having lunch with a journalist. A widespread belief is that his administration’s delayed issuance of a phone alert to the region’s inhabitants resulted in fatalities. Mazón has dismissed these allegations. He stated, “We did the best we could with the information available.” Critics have also faulted the central government for not deploying military and other assets with greater force. Sánchez, conversely, has maintained that his government “fulfilled its duties and did so from the very beginning” of the emergency. Concurrently, assistance has come from the private sector. Alcem-se, a philanthropic platform established by local supermarket entrepreneur Juan Roig, reported distributing €35m euros in non-refundable assistance to 4,600 companies. Nevertheless, for numerous individuals, including Mr. Milla, the aid might prove insufficient. He previously owned a local television channel, a real estate agency, and a bar, managing to reopen only the bar—and partially—following the October floods. He enumerated several proximate businesses—among them a petrol station, a gym, a beautician, and an optician—which he believes will not resume operations. However, the impact of 29 October was not confined solely to urban locales. The Valencia region forms part of a significant agricultural zone in south-eastern Spain, responsible for exporting substantial volumes of fruits and vegetables across Europe. Approximately twenty-five miles (40km) south of Valencia city, José España inspects his orange groves. Below the trees, oranges dislodged from their branches by the floodwaters are decaying on the soil. He remarked, “Farmers always say ‘next year things will get better’, but right now, the mood among farmers is very pessimistic.” The agricultural association to which he belongs, AVA-ASAJA, estimated that crop damage alone on 29 October exceeded €1bn euros. He added, “Farmers have had a few years now in which we’ve been abandoned, and the floods might end up causing a few more farmers than usual to leave the industry.” He concluded, “In order to get things back to how they were before the flooding, it’s going to take two or three years.”

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