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Reconstruction of houses in Far East requires 14 billion rubles

November 15, 2013, 14:40 UTC+3 (Adds details) ¶ MOSCOW

Russia's Prime Minister said the government should settle the issue of real estate insurance

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© ITAR-TASS/Alexander Astafyev

MOSCOW, November 15, 13:53 /ITAR-TASS/. Repairing and reconstruction of housing, which was ruined by the flood in the Far East, will require about 14 billion rubles, Russia’s Prime Minister Dmitry Medvedev said on Friday.

The required money should come from both the federal and local budgets, he said.

Thus, the prime minister said the government should settle the issue of real estate insurance.

“The flood in the Far East has demonstrated the lack of a working system of real estate insurance becomes a major financial burden for the country,” Medvedev said. “As this country is very big and complicated, as the probability of natural calamities is very high, it is evident that problems of the kind will emerge in future despite of all our actions and intentions to prevent them,” Medvedev said.

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