German Floods cause up to 5 billion Euros in insured losses : Association.

The damage caused by devastating floods in Germany last week is likely to cost the insurance industry up to five billion euros ($5.9 billion) , the GDV insurance industry association said on Wednesday. 

“We are currently expecting insured losses of four to five billion euros,” Joerg Asmussen, chief executive of the GDV , said in a statement, calling the disaster “one of the most devastating storms in recent history”.

At least 170 people died in last week’s flooding , Germany’s worst natural disaster in more than half a century, and thousands went missing.  

For immediate relief, the federal government will initially provide up to 200 million euros ($235.5 million), in emergency aid.