ATHENS – The state coffers whacked by the cost of subsidizing losses in summer wildfires and floods – largely covered by European Union funding – Greece will also get some 55 billion euros ($57.95 billion) in construction monies.

That will go toward helping pay for public investments over the next four to six years, through 2027, said Deputy Minister of National Economy and Finance Nikos Papathanasis, reported China’s news agency Xinhua.

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That will cover 80 percent of the cost of projects, he told reporters at an event reviewing the effect of EU funding on the Greek economy in recent years and the status of works

“During the period 2019-2023 we tripled the absorption rates of funds compared to the previous four years. In 2019, the absorption rate was 24.5 percent and today we have reached 88 percent … we are ranking third among EU member states regarding absorption rates of EU funds,” he added.

The absorption rate signifies the percent of the total amount allocated or committed in the EU budget to a member state disbursed or absorbed for various projects, programs or initiatives.

Regarding the 2021-2027 program with over 26 billion euros ($27.4 billion) to be allocated to Greece, he said the New Democracy government is  leading across the EU in absorption rates for this program.

One of the EU funding sources will provide at least 686 million euros ($722.81 million) to help cover the cost of reconstructing bridges, rail networks and roads damaged in the fires and floods, he said.