The Vice-President of the Government announced in Angra do Heroísmo that the proposal to revise the Region's Plan and Budget for 2020 “ensures an increase of 59 million Euros in the investment to be made this year and represents an increase of 105 million Euros in investment compared to last year's budget.”

Sérgio Ávila stated that the proposed revision the Region's Budget and Investment Plan for 2020 will be submitted today to the Legislative Assembly. As he revealed, it "provides for the increase of budget allocations to begin the reconstruction investments resulting from Hurricane Lorenzo and the full implementation of the financial support granted to those affected by it passage."

"With this budget revision, public direct investment grows to 618.9 million Euros and the overall public investment increases to 876.7 million Euros," said the government official.

Sérgio Ávila also emphasised that this increase in public investment “is achieved without incurring indebtedness. It is fully financed by the Region's own resources as well as by transfers from the State Budget and European funds, even though the State Budget authorises bank financing for the reconstruction and recovery of infrastructures following the passage of the hurricane.”

The Vice-President stated that this year's interventions for the reconstruction and recovery of infrastructures will be funded in the amount of 26.4 million Euros from the balance carried over from 2019, 25.4 million Euros from a new transfer from the National Government, fulfilling the commitment to bear 85 percent of the reconstruction costs, and 7.4 million Euros from the European Union Solidarity Fund.

"These financial allocations have endowed the Region with the necessary financial means to face the damage recovery efforts planned for 2020," added the government official.

According to Sergio Ávila, this budget balance "is the result of the first 20-million Euro transfer from the National Government in late 2019 for the reconstruction efforts, combined with the fact that the Region has achieved an overall execution - 99.8% - of its own revenue provided for in the Budget and a saving of 7.5 million Euros in the Region's operating expenses regarding the initial budget estimates."

The Vice-President stated that this amount resulted from the "rigorous and detailed survey of the losses." According, the respective "schedule has already been drawn up to ensure the reconstruction takes places as quickly as possible, complying with the deadlines and legal procedures for the development of projects and the beginning of works."

The total amount of public investment surveyed is at 313.4 million Euros, plus the VAT amount of the works carried out by the Regional Port Authorities, which is refundable.

Sérgio Ávila revealed that about 38.4 million Euros correspond to aid to the recovery or construction of new port infrastructures and equipment and for the transport of goods, namely at Lajes das Flores Port. Additionally, the support covers the recovery of equipment and port infrastructures in other ports of the archipelago as well as the investment in the maritime transport of goods to the Western Group islands.

“Four million Euros will be allocated for the recovery of damage to maritime infrastructures, namely protection walls and placement rockfill material on the coastline, 2.9 million Euros for the recovery of fishing infrastructures and 2.2 million Euros for the recovery of road infrastructures,” added the government official.

Sérgio Ávila also added that 2.8 million Euros are intended to support companies and farms as a result of the damage caused by the passage of the hurricane. In turn, 1.5 million Euros will support the recovery of damage to school buildings and homes, and 0.88 million Euros will be allocated for the recovery of environmental infrastructures.

“The Regional Government has also decided to support Municipal Councils hit by the hurricane, financing 85% of the costs resulting from the recovery of municipal infrastructures and equipment. This Plan and Budget proposal provides support to the municipalities amounting to 3.4 million Euros,” stressed the government official.

"This revision also includes the update of transfers to SATA in the amount of three million Euros, under inter-island public service obligations, due to the increase in the number of passengers transported, which are also funded by the 2019 budget balance," said Sérgio Ávila.

“With the submission of these documents, the Regional Government fulfils its commitment to ensure recovery and reconstruction as quickly possible. It has also manged to provide the financial resources to cover all these losses, without conditioning all other investments and support planned for this year, nor for the following years,” said the Vice-President.