The Korea's Central Fisheries Cooperative has announced an emergency financial aid package of up to 50 billion won (approximately $38 million) for areas in Gyeongnam affected by heavy rainfall.
On August 21, the cooperative stated that it has allocated the emergency funds to support fishermen and other affected individuals in regions such as Geoje. Local fisheries cooperatives will also offer financial benefits, including interest rate reductions on existing loans, to customers impacted by the flooding.
A volunteer team from the cooperative visited the flooded areas in Geoje to assist with environmental cleanup efforts. Additionally, they plan to provide essential goods worth 10 million won (about $7,600) through the Geoje Fisheries Cooperative to help stabilize residents' living conditions.
In addition to on-site support, comprehensive financial assistance will be provided. The Fisheries Cooperative Bank will offer 50 billion won in emergency funds to fishermen, individuals, and small business owners in the flood-affected areas.
The emergency funds will include living stability funds of up to 20 million won per person, as well as facility funds and operating funds (up to 500 million won, with interest rates reduced by up to 1.5%). Extensions on existing loan maturities will also be available.
Local fisheries cooperative branches will provide benefits such as deferred principal and interest repayments and maturity extensions (within six months), emergency living funds of up to 20 million won, interest rate reductions on existing loans, and reductions in overdue interest.
Fishermen seeking support must obtain a damage verification certificate from their local government and submit it to a nearby Fisheries Cooperative Bank or local fisheries cooperative branch.
Labor Jin, the chairman of the Korea's Central Fisheries Cooperative, stated, "We will ensure that our efforts in both on-site recovery and financial support proceed without delay, so that those affected by the disaster can return to their daily lives as soon as possible."
* This article has been translated by AI.
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