$32 million helps storm relief in Yuyao

The local government in Yuyao, Zhejiang province, has allocated 201 million yuan ($32 million) to local enterprises and residents to help them recover from the city's worst storm in 100 years, Ningbo Daily reported.

The storm struck on Oct 10, flooding 70 percent of the industrial city and causing direct economic losses of nearly 7 billion yuan, media reports said.

Poor families will receive subsidies of up to 2,000 yuan and families whose homes were seriously damaged will be granted subsidies of up to 20,000 yuan.

Agricultural and livestock enterprises seriously affected by the storm and still having to repay loans will receive subsidies equivalent to 50 percent of the loan interest.

Enterprises that introduced new lines of work and started renovation projects after the disaster will also be given subsidies.

The time required for local manufacturing enterprises to receive export rebates has been reduced from 10 days to two.