New Delhi, July 16 (IANS): The union cabinet on Thursday approved the revised cost estimates for phase-I of the national cyclone risk mitigation project for Andhra Pradesh and Odisha.

The project cost has been increased by Rs.835 crore to Rs.2,331.71 crore from Rs.1,496.71 crore, an official release issued here said.

The caminet meeting was chaired by Prime Minister Narendra Modi.

"This will address the vulnerability of the coastal communities to cyclone. This section of the population is generally poor and from the weaker sections of society," it said.

"The central government will provide financial assistance of Rs.1,843.94 crore through a World Bank loan. The remaining Rs.487.77 crore will be contributed by the state governments of Andhra Pradesh and Odisha," it added.

The broad objectives of the project are to provide cyclone forecasting, tracking and warning systems, cyclone risk mitigation and capacity building in multi-hazard risk management.

The major infrastructure under construction includes multipurpose cyclone shelters, including shelter-cum-godown and approach roads or bridges to habitations and embankments, including construction and renovation of saline embankments.

The proposed investments would strengthen coastal infrastructure for protection of coastal communities and their evacuation, greater accessibility, improved warning dissemination and quicker response.

The project is expected to benefit 10.46 lakh people in Odisha and over 7.18 lakh in Andhra Pradesh.

The increased cost will cover the construction of additional infrastructure, 246 multipurpose cyclone shelters, 204 km roads and 15 bridges, for cyclone risk mitigation in these states, on the basis of the experience gained during the handling of cyclone Phailin that hit the two states in October 2013.

The project time limit has been extended from January 31, 2016, to March 31, 2018, to complete the construction of additional infrastructure.