Federal Disaster Rebuilding Spending

From the Wharton School: Federal Disaster Rebuilding Spending: A Look at the Numbers.

Last year set records for natural disaster damages in the United States. NOAA estimates total damages from the 2017 events were over $300 billion. The U.S. experienced not one, not two, but three land falling hurricanes. Hurricane Harvey set a record for rainfall. The wildfires in California were some of the costliest the state has ever seen.

In response to these events, Congress passed two supplemental spending bills in September and October appropriating $34.5 billion in post-disaster funds and forgiving $16 billion of debt for the National Flood Insurance Program. A couple weeks ago, Congress approved a two-year budget that included an additional $90 billion for disaster rebuilding. This puts the total spending in response to the 2017 events at over $130 billion—another record.

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