Italian inter-ministerial economic committee CIPE has approved the allocation of 400 mln euro ($594.5 mln) for works on the Moses system of flood defence barriers in the Venice lagoon.
The sum is expected to cover the envisaged costs of the project in 2008 and part of 2009.
The subsidy was proposed by Italian Infrastructure Minister Antonio Di Pietro.
The Moses project envisages the construction of 78 flood barriers, 20 metres wide and up to 28 metres high, to be fixed to the bed of the sea at points where Venice's lagoon meets the Adriatic Sea.
The project cost has been estimated at some 4.1 bln euro ($6.0 bln). Italy's 2002 budget allocated a total 450 mln euro ($668.8 mln) for a three-year period for the construction. No funds were envisaged under the 2003 state budget.
The Italian government announced that the project was under review for budgetary reasons in 2006. The project was confirmed in 2007 and is expected to be completed by 2010.
