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The Czech government has approved a package of measures to raise extra money to finance repair of damage caused by the recent devastating floods. The government hopes to gain an extra 26 billion crowns for the state budget over the next two years.

Government approves a tax reform to raise extra money to finance repairs of flood damage. GDP growth slows down while unemployment continues growing and inflation remains extremely low. In this week's edition of Economics Report, we have an analyst comment on the latest economic developments.

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.

Flood relief donations are also continuing in Europe. The Czech Embassy in London says people in Britain have donated almost 160,000 pounds, or more than eight million crowns, to a special fund for Czech flood victims.