BEIJING, Aug. 21 -- China has allocated an additional 500 million yuan (about 69.4 million U.S. dollars) for disaster relief and reconstruction in flood-affected regions, the Ministry of Finance said Monday.

This funding, on top of the 1-billion-yuan allocated on Aug. 9, will be used to support the restoration of production and life in areas of Tianjin and Hebei that were used for national flood detention and storage, the ministry said in a statement.

The additional funding will go toward providing compensation for property losses incurred by residents living in these areas, including damage to crops, animal and poultry farms, commercial forests, houses and agricultural machinery, according to the statement.