Government Allocates 50 Billion KRW from Contingency Fund for 'Hinnamnor' Damage Recovery Support

by Son Seonhee

Published 07 Sep.2022 10:00(KST)

Typhoon No. 11 'Hinnamnor' passed through Ulsan, and on the morning of the 6th, a coastal road in Buk-gu, Ulsan City was damaged and shattered into pieces. 2022.9.6 [Image source=Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] The government will allocate 50 billion won from the contingency fund to support recovery efforts in regions heavily affected by Typhoon 'Hinnamnor,' such as Gyeongju and Pohang in Gyeongbuk.

On the 7th, the Ministry of Economy and Finance announced that the government reviewed and approved the expenditure plan for the contingency fund as an immediate agenda item at the Cabinet meeting presided over by President Yoon Seok-yeol.

This contingency fund utilizes the 'estimated contingency fund system,' which allows for urgent support by roughly estimating the resources needed for emergency relief, rescue, and recovery, in accordance with the National Finance Act. This is the first use of the estimated contingency fund in 10 years since it was provided for recovery from Typhoon 'Sanba' in 2012.

The government plans to promptly allocate and support the contingency fund to respond to the needs for relief of disaster victims and restoration costs for private facilities in local governments severely affected by this typhoon. After a precise damage assessment, the recovery plan will be finalized, calculating the damage amount, recovery costs, national treasury support, and local government burden, and the accounts will be settled accordingly.

The Ministry of Economy and Finance stated, "We plan to actively and steadily support the affected residents' swift return to daily life and early stabilization by mobilizing contingency funds and other resources in stages."