BlueDot senior advisor says Congress needs to fix NFIP, stop paying for today’s disasters with tomorrow’s money
by Lars Anderson featuring Craig Fugate
This is an excerpt from an article co-authored by Craig Fugate, senior adviser at BlueDot Strategies.
For the second year in a row, hurricane season has deliveredunprecedented devastation. Communities across the southeastern United States face a challenging recovery after Hurricanes Florence and Michael destroyed homes, schools, and businesses with record-setting flooding and winds. Florence cost dozens of lives and an estimated $38 billion to $50 billion in losses. And although it is too early to calculate the losses from Michael, those totals will also be in the billions…
That means it’s past time for Congress to overhaul the National Flood Insurance Program (NFIP), which provides federally backed coverage for homeowners and small businesses in more than 22,000 communities across the country. Congress has ignored a nationwide call for reforms to the NFIP for more than a year and instead has passed no-change extensions of the program seven times.