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Northeast Must Brace for More Ida-Type Catastrophes

The Bond Buyer

The catastrophic remnants of Hurricane Ida snuck up on Northeast states Wednesday, catching officials and the general population off-guard.

But such a storm, still delivering massive amounts of rain more than 1,300 miles from its Louisiana landfall, is no outlier, one New Jersey climate official warned. 

[...]

Several states declared disaster emergencies, which could clear paths for federal reimbursements. President Biden on Thursday pledged support in the aftermath. U.S. Sen. Chuck Schumer, D-NY, and other federal lawmakers called on passage of an infrastructure bill with sufficient resilience components.

Typically, as long as local or state governments declare an emergency and the president signs a similar order, the Federal Emergency Management Agency can then reimburse at 90% of reasonable costs, said Alan Rubin, a principal at Blank Rome LLP and co-head of its severe weather recovery team.

After 90 days a reassessment is done and if the amounts claimed do not cover the actual costs, FEMA adjusters to evaluate the damage and, if appropriate, provide an additional 5% of the extra costs. 

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"Northeast Must Brace for More Ida-Type Catastrophes," by Paul Burton was published in The Bond Buyer on September 3, 2021.