"Now the volcano is beginning to register minimum levels of activity close to inactivity. But we should be prudent and wait to see what scientists say concerning the volcano’s activity. We will adopt a new package of measures to support the relaunch and recovery of La Palma’s economy tomorrow," Sanchez told reporters just before an EU summit in Brussels.
The decision is expected to be approved by the Spanish Council of Ministers on Friday.
Insurance payments will be doubled from 30,000 euros ($33,894) to 60,000 euros. Small and medium-sized companies, as well as local tourism, will be supported with 17.5 million euros. Fishermen will not have to pay into social security during their downtime. Debt payments will be postponed until May 2, 2022. Direct aid for the agricultural sector will reach 30 million euros, after being increased by 12 million, according to Sanchez.
La Palma’s volcano began erupting on one of the Canary Islands on September 19. Several earthquakes were registered near the Cumbre Vieja ridge prior to that. More than 7,000 people have been evacuated, with over 1,600 houses and 45 miles of roads damaged, as lava covered nearly 3,000 acres of land.