Harvey Could Bankrupt The Federal Flood-Insurance Program

[sheld0n]

Hurricane Harvey may solve the auto industry’s inventory problem. But right now, it's about to create a giant headache for the federal government. Based on the latest estimates from Irvine, California-based CoreLogic, insured flood losses for homes in the affected areas of Texas and Louisiana could total between $6.5 billion to $9.5 billion. Since private insurers typically don’t provide personal flood insurance, all but $500 million of that will fall to the Federal Emergency Management Agency’s National Flood Insurance Program, or NFIP. According to the Street, if insured damages reach the high end of this range, it would totally deplete the $7.5 billion of cash and available credit available to the 49-year-old government program, which provides about 98% of residential flood insurance.

[Hydrogen]

I can't remember specifics although I do remember the FEMA (Federal Emergency Management Agency) you mention having a bad reputation from how it handled Hurricane Katrina & other past natural disasters.

There are a lot of people livestreaming humanitarian and relief efforts related to Hurricane Harvey on youtube & other media sources. Its amazing to see so many people contributing out of their own pockets and their own time to help americans in need. I think everything will be ok. The damage doesn't look to be as bad as other hurricanes and the flooding should recede on its own as long as houston isn't below sea level, etc. I think everything will be cool. The government seems to be doing a good job bringing in DEA and basically whover they can find to help with relief efforts.

The media may be exaggerating the damage and blowing everything out of proportion a bit.

[CryptoBry]

Hurricane Harvey may solve the auto industry’s inventory problem. But right now, it's about to create a giant headache for the federal government. Based on the latest estimates from Irvine, California-based CoreLogic, insured flood losses for homes in the affected areas of Texas and Louisiana could total between $6.5 billion to $9.5 billion. Since private insurers typically don’t provide personal flood insurance, all but $500 million of that will fall to the Federal Emergency Management Agency’s National Flood Insurance Program, or NFIP. According to the Street, if insured damages reach the high end of this range, it would totally deplete the $7.5 billion of cash and available credit available to the 49-year-old government program, which provides about 98% of residential flood insurance.

Natural disasters are getting to be fierce these days leaving damages of properties to the extreme. Though there is nothing we can do to stop the power of nature from inflicting the harm to both lives and properties, we can do something by sending any help we can to the people affected. It would really be a big strain on the budget of the agency in charge for this thing. We are hoping that funds can be coming so that a good rehabilitation and rebuilding could start as fast as it should be. People should always be resilient in the face of this another big challenge.

[davis196]

Hurricane Harvey may solve the auto industry’s inventory problem. But right now, it's about to create a giant headache for the federal government. Based on the latest estimates from Irvine, California-based CoreLogic, insured flood losses for homes in the affected areas of Texas and Louisiana could total between $6.5 billion to $9.5 billion. Since private insurers typically don’t provide personal flood insurance, all but $500 million of that will fall to the Federal Emergency Management Agency’s National Flood Insurance Program, or NFIP. According to the Street, if insured damages reach the high end of this range, it would totally deplete the $7.5 billion of cash and available credit available to the 49-year-old government program, which provides about 98% of residential flood insurance.

The Federal foold insurance program will get some funding from the government and the government will get some printed fiat money from the Federal reserve system.I don`t think the Flood insurance program will bankrupt.This won`t have any impact over the bitcoin price.Those disasters are a really big problem and all the countries should do something about climate change.By the way,is there any bitcoin charity fundraiser about the damages caused by Harvey?

[WinBeast]

I can't remember specifics although I do remember the FEMA (Federal Emergency Management Agency) you mention having a bad reputation from how it handled Hurricane Katrina & other past natural disasters.

There are a lot of people livestreaming humanitarian and relief efforts related to Hurricane Harvey on youtube & other media sources. Its amazing to see so many people contributing out of their own pockets and their own time to help americans in need. I think everything will be ok. The damage doesn't look to be as bad as other hurricanes and the flooding should recede on its own as long as houston isn't below sea level, etc. I think everything will be cool. The government seems to be doing a good job bringing in DEA and basically whover they can find to help with relief efforts.

The media may be exaggerating the damage and blowing everything out of proportion a bit.

I agree. Our federal government is handling the situation tactfully and I'm confident that the victims will have the help they need.

[Bestwishes745]

I can't remember specifics although I do remember the FEMA (Federal Emergency Management Agency) you mention having a bad reputation from how it handled Hurricane Katrina & other past natural disasters.

There are a lot of people livestreaming humanitarian and relief efforts related to Hurricane Harvey on youtube & other media sources. Its amazing to see so many people contributing out of their own pockets and their own time to help americans in need. I think everything will be ok. The damage doesn't look to be as bad as other hurricanes and the flooding should recede on its own as long as houston isn't below sea level, etc. I think everything will be cool. The government seems to be doing a good job bringing in DEA and basically whover they can find to help with relief efforts.

The media may be exaggerating the damage and blowing everything out of proportion a bit.

I agree. Our federal government is handling the situation tactfully and I'm confident that the victims will have the help they need.

I think this won’t be very much easy to bankrupt the Federal flood insurance program.
Federal Government will definitely take up all the necessary step which needs to be taken to manage the things. Federal Government will be looking into this matter in a very efficient way and they won’t let it happen at all.