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Nancy floods to cost market EUR40mn

12 June 2012

French insurers have estimated the cost of last month's floods in eastern France at close to EUR40mn ($50mn), though industrial claims are likely to form only a small part of the overall bill.

Heavy rainstorms hit the city of Nancy in the Lorraine region and parts of Alsace on 21-22 May, causing severe flooding and extensive property damage.

Water rose to up to two metres in some of the city's streets after the area experienced the equivalent of five weeks&...

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