The government has pledged $11 billion to help it recover, but local authorities want $34 billion.
Related VideoHowever, a day earlier, the province's president, Carlos Mazón, said local authorities had asked for an initial package equivalent to about $34 billion.
The floods affected many economic sectors, including agriculture, industry, and services, it said.
Local authorities on Sunday said that the heavy rains — part of a phenomenon known as "cold drops" — had caused "unprecedented" damage to infrastructure and human life.
At a press conference on Tuesday, Sánchez declared Valencia a disaster area, paving the way for extra funding for local authorities.
Persons:
—, Pedro Sánchez, Carlos Mazón, Mazón, Lauren Dauphin, Cristina del Rey, Ford Spain, Sánchez
Organizations:
Service, Spain's State Meteorological Agency, Spanish, NASA, Commerce, Ford, Aon Spain Foundation
Locations:
Valencia, Spain, Western Europe, Belgium, Germany