Compensation for Flood Victims Raised to 180,000 Drams per Square Meter

The Government of Armenia has revised the compensation mechanism for residents affected by the floods of May 2024, increasing the minimum amount to 180,000 drams per square meter, replacing the previous 148,000 drams. The change was made because the previously set compensation amount was insufficient for purchasing new housing.

According to the project, the government had approved the compensation mechanism during the summer, where each lost apartment or house was calculated at 148,050 drams per square meter. However, this amount was found to be inadequate, as local studies indicated that it was simply not possible to purchase an apartment in Alaverdi and nearby communities with that funding.

The compensation calculations will be based on the average market prices published by the Cadastre Committee. The deadline for submitting applications has been extended to September 15, 2025. Previously, it was stipulated that residents must apply in accordance with the established procedure to receive compensation. However, according to the Lori Regional Administration, several residents of Alaverdi did not manage to submit their applications.

The draft also clarifies that housing purchase certificates can only be utilized in the community where the beneficiary is registered. The executive's viewpoint on this mandatory condition is aimed at ensuring that affected residents do not abandon their communities.

It is worth noting that following the heavy rains on May 26, 2024, four people died as a result of flooding in the Debed, Agstev, and Tashir rivers in Lori and Tavush regions. The affected areas were declared disaster zones.