At its session on October 3, the Armenian government approved a draft resolution to allocate approximately $771,000 to support entrepreneurs affected by the devastating flood in the Tavush and Lori regions. The natural disaster, which occurred on May 26 this year, caused significant infrastructure damage and, unfortunately, claimed the lives of four people.
Minister of Economy Gevorg Papoyan announced that the program is designed for 150 beneficiaries. So far, 74 applications have been submitted, and work is continuing to collect the remaining ones. Compensation will be provided in two directions: reimbursement for material damage and compensation for lost profits, which will be calculated based on previously paid taxes.
The recipients of assistance will include commercial organizations, individual entrepreneurs, and owners of commercial real estate affected by the flood in the disaster zone. The amount of compensation depends on the degree of damage, which is classified as low, medium, or high.
For each square meter of affected area, approximately $17 will be paid for low damage, about $38 for medium damage, and around $64 for high damage. The maximum amount of support per beneficiary will be approximately $3,085.
Additionally, compensation for taxes paid in 2023 is provided. For low damage, entrepreneurs will be able to recover 50% of their tax payments, but no more than $12,850; for medium damage, 70%, but no more than $25,700; and for high damage, 100%, but no more than $38,550.
