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Insurance companies operating in the Czech Republic have revised flood damage estimates upward. The two largest insurers alone estimate the damage their clients incurred during the disastrous floods in August at almost 20 billion Czech crowns.

The Industry and Trade Ministry is preparing a special help programme for businesses affected by the recent floods, particularly small and mid-sized businesses.

Czech retail sales dropped by 0.5 percent year-on-year in June in real terms, while in May they increased by 3.2 per cent, the Czech Statistical Office reported.

The Czech government said it wanted to obtain money for financing repairs of flood damage by increasing indirect taxes, including the VAT and consumer tax on petrol, tobacco and alcohol.

Poland has introduced administrative protection of its steel market against imports. Poland has set a total quota of 670,000 tons on steel imports from WTO countries, and an additional import surcharge of 25 percent on imports exceeding that quota.