EIB, €1.4 billion for Campi Flegrei area (Italy)

Brussels – Repairing damage, making buildings safe, reducing the vulnerability of homes and infrastructure: the European Investment Bank (EIB) has given the go-ahead for maxi-financing of up to €1.4 billion to reconstruct the Campi Flegrei area after the 2024 earthquakes. The Project Contract was signed by Nello Musumeci, Minister for Civil Protection and Sea Policies, and by Gelsomina Vigliotti, EIB Vice-President. The signing of the first tranche of the financing agreement with the Ministry of the Economy, covering allocations scheduled for 2025, 2026, and part of 2027, is expected before the end of the year. 

In detail, up to €550 million can be allocated to the private sector and up to €850 million to the public sector. The implementation of the interventions will be coordinated by the Casa Italia department, responsible for measures to support the private housing stock, by the Civil Protection, responsible for the coordination and planning of seismic and volcanic risk management activities, and by the Extraordinary Commissioner for Campi Flegrei, in charge of directing interventions on public buildings and infrastructures. The reconstruction and safety work will last until 2032. 

“With this agreement, the EIB renews its commitment alongside the Italian Government, not only to support post-seismic disaster reconstruction efforts, but also to strengthen prevention and adaptation to climate change,” stresses Vigliotti, happy to reaffirm EIB’s commitment to climate action. “From Central Italy to Ischia, to the Campi Flegrei, we finance interventions that go beyond simply repairing damage, helping to make territories safer and more resilient,” she claims. “It is a concrete testimony of how European finance can protect communities and strengthen their capacity to face the challenges of the future.” 

Minister Musumeci was also satisfied: “The European Investment Bank’s support is a confirmation of confidence in Italy’s ability to face the challenges of seismic and volcanic risk with seriousness and long-term vision.”