News on Nonghyup’s Additional 500 Million Won Support for Flood-Displaced Residents in Gyeongnam and Disaster Recovery Measures

Nonghyup announced on the 22nd that it has provided an additional 500 million won in donations to support flood-displaced residents in the Gyeongnam region, particularly in Geoje and Tongyeong, which suffered severe damage from the heavy rains in August. Including this latest contribution, the total accumulated donations have reached 730 million won, offering comfort to the hearts of local residents. Notably, this initiative goes beyond a one-time donation; it was launched to comprehensively support the recovery of daily life and the resumption of agricultural activities for displaced residents ahead of the upcoming holiday season. A grape farmer in the Geoje area, who was devastated after his fields were submerged by sudden heavy rains, shared that he has regained the courage to stand up again thanks to the assistance and support measures from various agencies. From the moment the disaster struck, Nonghyup employees rushed to the scene, distributing relief supplies, repairing submerged farm machinery, and setting up relief tents, working tirelessly. This article examines the specific background of this additional donation and details the diverse financial support and agricultural resumption plans provided by Nonghyup.

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News on Nonghyup’s Additional 500 Million Won Support for Flood-Displaced Residents in Gyeongnam and Disaster Recovery Measures

1. Additional Donation and Cumulative Support Scale

The additional donation provided by Nonghyup for flood-displaced residents in Gyeongnam amounts to 500 million won, which was safely delivered through the Korea Red Cross Gyeongnam Branch. After the heavy rains at the end of August ravaged the Geoje and Tongyeong areas, the scene was left in ruins, and many farmers lost their livelihoods. In response, Nonghyup has continuously extended a helping hand from the early stages of the disaster to the present, accumulating a substantial total of 730 million won in donations. With the holiday season just around the corner, this financial support serves as a warm source of comfort for residents who have fallen into despair due to the sudden disaster. Chairman Kang Ho-dong, who visited the site, expressed his determination to pool all resources and stand with the victims until the end, ensuring that the support provides practical assistance.

This support fund is not merely a financial transaction on paper but is used as practical relief funds that are immediately deployed to where they are most needed in the field. Local residents, who suffered significant property damage and lost sleep due to the unexpected heavy rains, are gradually regaining their smiles thanks to this solidarity and kindness.

2. Allocation of Emergency Recovery Funds for Agricultural Resumption

To help farms whose fields were flooded and greenhouses collapsed, Nonghyup has urgently allocated up to 50 billion won in emergency disaster recovery funds. While plowing up submerged fields and planting new crops requires substantial capital, this is an amount too large for individuals to bear alone. To overcome this harsh reality, Nonghyup has allocated 13 billion won in interest-free funds to affected farms to facilitate the free exchange of agricultural materials and provide recovery equipment. In fact, a greenhouse vegetable farm in the Geoje area was able to quickly repair its house after receiving damaged pallets and water pumps for free.

Volunteer teams composed of employees gave up their weekends, diving into the muddy fields to lend a hand and working tirelessly. Farm machinery such as tractors and tillers that were submerged and could not even start were repaired thoroughly by specialized repair teams who visited the sites directly, alleviating the farmers’ worries. As these field-tailored recovery operations proceed organically, affected farms are rapidly restoring their previous farming environments.

3. Interest-Free Emergency Living Stability Funds for Affected Members

Nonghyup Mutual Finance is providing interest-free emergency living stability funds of up to 30 million won per household to member households severely impacted by this flood. For displaced residents whose homes were submerged and appliances destroyed, making it difficult to even secure immediate living expenses, this interest-free funding is like a timely rain in a drought. A resident in Tongyeong who works in both the fishing industry and field farming shared that he was at a loss over how to pay for his children’s school expenses, but the interest-free funds allowed him to breathe a sigh of relief. The simplification of counter procedures to minimize complex processes and ensure that members who truly need help can receive and use the funds quickly has also been well-received.

Residents unanimously agree that this inclusive attitude shown by financial institutions in the midst of an unexpected disaster is a model of true symbiotic finance. A solid foundation has been laid for farms struggling with funding difficulties to escape the pressure of interest repayment and focus entirely on repairing their homes and workplaces.

4. Loan Preferential Rates and Repayment Deferral Benefits from the Banking Sector

NH Nonghyup Bank is implementing multi-faceted financial relief measures for flood-affected customers, including applying preferential interest rates for new loans and providing new policy funds. It is also deferring the repayment of principal and interest on existing loans and monthly card bill payments for a certain period to prevent immediate delinquency. Additionally, all fees incurred during various financial transactions are fully waived to alleviate the economic burden on customers going through difficult times. A self-employed customer residing in Changwon City, whose store interior was flooded and who was in a situation where paying bank interest was immediately difficult, expressed relief that the repayment deferral measure helped him avoid bankruptcy.

This financial support does not stop at short-term remedies; it helps prevent a decline in customers’ credit ratings and supports their long-term recovery. To accommodate displaced residents with mobility issues who find it difficult to visit bank branches directly, on-site financial counseling counters are also being operated, providing significant convenience.

5. Rapid Insurance Payouts and On-Site Investigation System

NH Nonghyup Insurance is quickly dispatching specialized loss adjusters to disaster sites to conduct accurate and rapid damage assessments. Since it takes a long time to determine the scale of the damage, causing anxiety for farms, a special measure has been implemented to prepay 50% of the estimated insurance amount. An orchard farmer in Geoje City, who was at a loss after his fruits, which were about to be harvested, suffered from fruit drop damage, was able to prepare the seed funds for the next year’s farming in advance thanks to the rapid insurance prepayment. The sight of insurance company staff and on-site employees working day and night, sweating to examine each household meticulously, has moved the local community greatly.

While farmers might give up if recovery work progresses slowly, this rapid insurance service is boosting their motivation to recover. Transparent and fair loss assessments play a decisive role in ensuring residents receive just compensation and return to their daily lives as soon as possible.

6. Walking with the Community and Future Outlook

At the announcement of this additional support, Chairman Kang Ho-dong expressed his strong determination to pool all resources across the Nonghyup group and stand with the affected residents until they return to their daily lives. As climate change is expected to increase the intensity and frequency of natural disasters in the future, Nonghyup is establishing a permanent disaster response system. The Gyeongnam flood recovery process serves as a model case showing how field-centered labor support and tailored financial benefits must work in harmony, going beyond simple financial support. Readers are also encouraged to show warm interest in flood-displaced residents in their vicinity and contribute through small actions such as promoting the consumption of domestic agricultural products. We look forward to financial institutions like Nonghyup continuing to fulfill their social responsibilities and serving as a sturdy shelter for the people.

Disasters strike without warning, but this support news proves that if we join hands to overcome them together, we can weather any trial.

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