ATHENS – After paying out billions of euros in aid and subsidies for homeowners and businesses who lost property in fires and floods and natural disasters, Greece will require that many have private insurance or face losing any additional assistance.

The deadly floods and fires of 2023, and more fires in 2024 – coming after decades of similar catastrophes – has driven the New Democracy government to impose measures for property owners and businesses with assets and turnovers of more than 500,000 euros ($550,728) to buy private coverage.

If not, they will be left without state support but it wasn’t said why the government would need to provide further aid for those who are already insured, with the state tax department estimating there are about 110,000 who would be affected.

There was no report why all homeowners and businesses weren’t required to have insurance as is common in the United States where there is limited government help even after tragedies and disasters such as hurricanes, tornados, fires and floods.

The new rules will begin June 1, 2025 and also will bring a 10 percent reduction in the Single Property Tax (ENFIA) for those who get insurance, while it will be 20 percent for those with assets under 500,000 euros who get coverage.