City Hall says the money is “in addition” to the Mayor’s Outer London Fund and will be spent on projects which secure “major long term improvements”.
Regeneration plans will be drawn-up in partnership with communities and Councils and City Hall has promised to “ensure that contracts awarded for the work go to as many local businesses and employ as many local people as possible.”
There will also be apprenticeships for unemployed people in affected areas.
Mayor Johnson said: “We have always recognised the importance of improving London’s town centres and clearly after the destruction caused by the recent events across the city this is a bigger challenge than ever.
“That is why I am allocating £50 million to ensure that these areas are regenerated quickly and transformed into safe, attractive, vibrant and economically successful places to live, work and invest in.”
City Hall’s money is just one of a number of help schemes available to communities, businesses and residents.
Councils are providing aid for retailers and the Government has also pledged £20m. Victims of the disorder will also be able to claim compensation the local police authority under the provision of the Riot Act.
