KUALA LUMPUR, Jan 20 ― The Ministry of Finance (MoF) today estimated that the cost to repair the damage caused by last month’s catastrophic floods in eight states could reach RM2 billion.

Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said RM300 million has been channelled for the East Coast Monsoon floods so far, under the National Disaster Relief Trust Fund (KWABBN).

Cash incentives for the affected families or individuals has been increased to RM1,000 and instead of RM5000, RM10,000 will be given for those who have lost their loved ones during the floods.

"Apart from that the government has prepared discount vouchers worth RM500 for electrical products for them to buy replacements for the ones damaged during the floods. It can be redeemed physically at the shops or for online purchases on platforms approved by the Energy and Natural Resources Ministry.

"Thus far 5,100 households have attained this vouchers and RM2.5 million have been redeemed,” Tengku Zafrul said during today’s Special Parliament sitting to discuss the widespread floods.

"In addition RM5,000 will be allocated for small household repairs while houses that need more than RM5,000 the government will elect contractors to repair those houses for costs up to RM15,000.

"For households that have been totally razed to the ground they will get up to RM56,000 to rebuild a new home,” he said.

Tengku Zafrul said that so far, 439 households have benefitted from the RM5,000 allocated for small repairs while 259 victims need new homes.

He noted that carmakers Proton and Perodua have agreed to give affected owners a 50 per cent discount for repairs at their service centres.

He added that the government is giving the affected car owners RM1,000 each for repairs.

He said more than 20 automotive companies with more than 1,800 service centres nationwide had also offered their help for the flood victims.

To date, 5,000 cars have been sent to these registered service centres for repairs.

Apart from that, the minister said Selangor and Pahang will get RM50 million each for flood relief efforts.

"In addition, under Tekun Nasional (The National Entrepreneur Group Economic Fund), RM30 million is provided for those who need to borrow money with a 12 month zero interest rate moratorium on these loans,” said Tengku Zafrul.

"We’ve also given them a six month moratorium for repayment starting December 2021 until May 2022 involving a sums exceeding RM7 million.

"We’re estimating the floods to have caused economic disruptions especially in the affected area between RM4 to 8 billion,” he added.

Pahang and Selangor were the two worst hit states in the December 2021 floods.