Release date: 29 September 2008
Promoter – Financial Intermediary
The Ministry of Infrastructure through the Venice Water Authority, acting in turn through the private concessionaire, Consorzio Venezia Nuova.
Location
Description
Construction at the three inlets of the Venice lagoon (Lido, Malamocca and Chioggia) of breakwaters and mobile barriers (MOSE System), designed to protect Venice from extreme flood and storm events whilst minimising impacts on the lagoon ecosystem.
Objectives
The key economic interests associated with implementing the flood protection scheme and complementary measures are:
1) Avoided disruption in economic activities;
2) Avoided damages to property and cultural heritage structures;
3) Protection and improvement of the lagoon environment.
The project hence falls within the remit of EU priority objectives as defined in Article 267 c) of the EU treaty.Comments
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 1 500 million.
Total cost (Approximate amount)
EUR 4 700 million.
Environmental aspects
The Mose project is part of a big plan of works for the physical and environmental safeguarding of Venice and its lagoon. The numerous environmental components of the general plan of works such as the sealing off of the bauxite deposits and the securing of the marshlands will have positive environmental effects. Reports provided by the promoter indicate an increase of flora and fauna in the project area including wild birds. The tidal gates will undoubtedly have an impact on the exchange of water between sea and lagoon, but the flexible barrier solution at each of the current three inlets should keep this to a minimum. The gates will be invisible when not in operation and will require practically no land space, meaning that the project will have a low environmental impact amongst all the solutions adopted for similar projects elsewhere in Europe.
Procurement
The terms of the privately negotiated concession agreement between the Venice Water Authority and Consorzio Venezia Nuova have been approved on condition that the latter competitively procure the electro mechanical component of the works in accordance with EU Directive 2004/18/EC.
Status
Signed - 29/04/2011
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).