FEMA blew through half its annual budget in the first week of the fiscal year (see upthread).

And now there's worry about the National Flood Insurance Program, which is nearly broke also:

"The emerging view from several lawmakers and staffers is that #NFIP claims spurred by #HurricaneMilton and last month’s #HurricaneHelene will likely exhaust the program’s nearly $5 billion in funds and force it to tap $9.9 billion in Treasury borrowing authority."

https://www.politico.com/news/2024/10/09/hurricane-milton-congress-flood-insurance-00183017

@tmstreet That's been an ongoing question regarding the National Flood Insurance Program for a while now. At what point should we stop paying people to rebuild, and instead pay them to relocate? https://blogs.law.columbia.edu/climatechange/2019/01/22/breaking-the-cycle-of-flood-rebuild-repeat-new-white-paper-from-the-sabin-center-and-the-natural-resources-defense-council/

#NFIP #flooding #hurricane

There is very little #flood #insurance across the nation:

"In California, only about 230,000 homes and other buildings have flood insurance policies, which are separate from #homeowners insurance. That means only about 2% of properties are covered against flooding. The federal government is the insurer for the bulk of them – about 191,000 as of December."

And that program is broke.

#NFIP #climatechange
https://apnews.com/article/floods-weather-natural-disasters-california-climate-and-environment-b71eadd83be6176d45f7a1baf7bb2576