Britain is to apply for £125m in emergency European Union funding to help pay for damages from last month’s floods. Financial Times

This is the first time the UK has applied for the funding that is available from the EU to tackle ‘major disasters’ causing direct damage of at least £2bn. The US benefited from the fund after Hurricane Katrina.

Between 2002 and 2005, member states have received between 2.5% and 5% of total damage suffered from the EU’s Solidarity Fund. If the UK’s total damage is £2.5bn, Britain could expect to receive between £62.5m and £125m.

’We are still assessing the extent of the damage caused in both the June and July floods. We are making the application now to ensure we would get any money as soon as possible,’ said the Communities and Local Government department.