National Flood Insurance Program: Treasury Borrowing in the Aftermath of Hurricane Katrina

King, Rawle O.

Library of Congress. Congressional Research Service.

关键词: Floods;    Emergency management;    Finance;    Flood insurance;    Hurricanes;   

RP-ID  :  RS22394
RP-ID  :  RS22394_2008Sep19

美国|英语

来源: UNT Digital Library

【 摘 要 】

In 2008, Hurricanes Ike, Gustav, and Dolly made landfall in the United States, causing widespread flood damage. Exactly three years earlier, claims and expenses related to the massive flooding caused by Hurricanes Katrina, Rita, and Wilma had financially overwhelmed the National Flood Insurance Program (NFIP). The Federal Emergency Management Agency (FEMA) estimates that the NFIP will need about $3 billion in additional borrowing authority to cover the claims currently outstanding and a yet to be determined amount for the 2008 Hurricanes. Congress is currently working to reform the NFIP while retaining its original intent to keep rates affordable for people to buy the insurance.